International financial organizations warned about the beginning of the global recession.
The managing Director of the International monetary Fund Kristalina Georgieva said that the coronavirus pandemic has slowed down the world economy.
She warned that the pandemic has thrown the world into a recession “much worse” than the global financial crisis of 2008-2009, reports Voice of America.
At a press conference, held jointly with the head of the world health organization, Georgieva called the situation “the darkest hours of mankind.” She called on rich countries to help developing, so they were able to withstand the impact of a pandemic.
According to her, work is underway to creditor States were reluctant to levy the debts of borrower States.
The President of the world Bank David Malpass, wrote on LinkedIn: “We expect major global recession”.