Cristianna Georgieba, International Monetary Fund IMF governor, said Corona 19 will cause a global recession this year, which could be worse than the 2008-2009 global financial crisis.

According to Reuters and AFP, Governor Giorgeva made a statement on the 23rd of the local time and said the world economy is facing severe economic damage due to the corona19 pandemic.

The damage is much more expensive than during the 2009 financial crisis, he said, and an unprecedented response is needed.

"In general, developed countries are in a better position to respond," said Georgieba, responding to Corona19 response. "The crisis will hurt many emerging markets."

He said more efforts are needed, especially in the financial sector, and he strongly supports monetary policy mitigation and emergency fiscal measures in many countries.

"The IMF is ready to commit to $ 1 trillion in loans," he said, asking advanced countries to provide more support to low-income countries for G20 finance ministers in the top 20 countries.

World Bank Group President David Malpaths also said it could invest $ 150 billion in resources over the next 15 months to support developing countries.

According to Reuters, Governor Malpass said in a statement to the G20 finance minister and central bank governor.

He also asked G20 creditors to stop repaying debt while the poorest countries were fighting Corona19.

President Malpass said Corona 19's global pandemic is expected to cause a major economic downturn in the global economy beyond its impact on health problems.

He urged countries to move quickly to expand health expenditures, strengthen social safety nets, support the private sector and respond to financial market collapse.

The World Bank's first goal was to shorten the time required to recover from coronavirus damage and provide immediate support to create trust, he said.

(Photo = Getty Image Korea)