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Effect of coronavirus on the economy, this country's condition is worst

Many countries of the world have a lockdown situation due to an outbreak of the coronavirus. Industrial activity has come to a standstill in these countries. Due to which the economy has suffered a major setback. IMF Chief Kristalina Georgieva said on Monday that the global economy is suffering a major economic loss due to the coronavirus epidemic, which could be even bigger than the 2009 loss. The IMF said unprecedented steps need to be taken to deal with it.

Effect of coronavirus on the economy

The IMF chief called for the need for advance economics to provide more assistance to low-income countries facing a large-scale economic crisis. He also said that the IMF is ready to lend with trillion-dollar lending capacity. The IMF Chief has warned Finance Ministers for the 2020 outlook. He said that the recession is as bad as it was during the global financial crisis. The global economy had fallen by 0.6 percent in 2009 as a result of the 2008 global financial crisis, but economies like China and India were growing rapidly at that time. In the current scenario, the coronavirus epidemic is hurting economies around the world and a large number of people are dying. Also, some analysts estimate the decline to be as high as 1.5 percent.

The IMF chief said, "It is not possible to predict deaths from the coronavirus epidemic yet." This can be a very large number. All countries need to work together to save lives and limit the damage to the economy.

However, emerging markets and low-income countries face huge challenges and require additional financial support and relief. He said, "Investors have withdrawn $ 83 billion from emerging markets since the beginning of this crisis. This is a record capital outflow.

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