Coronavirus: Global economy in recession - IMF chief cries out

Coronavirus: Global economy in recession - IMF chief cries out

- Coronavirus has dealt a heavy blow on the global economy

- This was confirmed on Friday, March 27, by the IMF boss, Kristalina Georgieva

- Georgieva also revealed that it will take at least $2.5 trillion to save growing markets

Kristalina Georgieva, the chairperson and managing director of the International Monetary Fund (IMF) has confirmed the fears of top players in the global market in relation to how coronavirus will affect the international economy.

Georgieva, on Friday, March 27, admitted that the global economy, due to the spread of the virus, has been plunged into a recession and that this is worse than what happened in 2019, The Economic Times reports.

She added that the global economic body has estimated $2.5 trillion as the sum that will cater for the needs of "emerging markets".

Coronavirus: Global economy in recession - IMF chief cries out

Kristalina Georgieva revealed that it will take at least $2.5 trillion to save growing markets
Source: UGC

Moreover, the IMF chief stated that it will take massive funding to salvage third world countries most of which are in Africa. Georgieva said that it is believed that this is "on the lower end."

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Meanwhile, Legit.ng reported that President Muhammadu Buhari had disclosed that Nigeria’s oil revenue was being affected by the outbreak of coronavirus.

The Nigerian president made the disclosure when members of the Joint Health Sector Unions (JOHESU) and Assembly Healthcare Professionals Associations (AHPA) visited him at the presidential villa, on Tuesday, March 10.

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A statement by Garba Shehu, presidential spokesman, stated that Buhari during the visit pleaded with the health workers to be patient with his administration to address their demands regarding the adjustment of consolidated health salary structure (CONHESS) among other demands.

The president said his administration was tackling the challenges posed by coronavirus to the nation’s economy.

He said the source of the nation’s revenue has been hit by the disease. “Your case is certainly receiving attention, but you must bear in mind the condition that the country is in now.

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"Coronavirus is not improving matters,” the president was quoted to have said. “It is affecting what we very much depend on, the petroleum industry and therefore revenue," he added.

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Coronavirus: Are Nigerians really afraid of COVID-19? New survey reveals more | Legit TV

Source: Legit.ng

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