(Fighting against New Coronary Pneumonia) IMF President: 2020 will see the worst economic situation since the Great Depression

China News Service, Washington, April 9 (Reporter Shahan Ting) International Monetary Fund (IMF) President Georgieva said on the 9th local time that the global economy will fall sharply into negative growth in 2020 due to the impact of the new coronary pneumonia epidemic. , The worst economic situation since the Great Depression in the 1930s will emerge.

Georgieva gave the opening speech for the remote spring meeting between the IMF and the World Bank by video. She said that the New Coronary Pneumonia epidemic is "a very different crisis" and is disrupting social and economic order at a lightning speed and unprecedented scale. Just three months ago, the IMF predicted that more than 160 of the member countries will achieve positive growth in per capita income in 2020. Today, the IMF expects more than 170 countries to experience negative growth in per capita income this year.

Georgieva said that this crisis knows no borders, and developed and developing economies will face bleak economic prospects. The prevention and control measures taken by various countries to control the epidemic have hit the world economy hard, especially in retail, catering and accommodation, transportation and tourism. At the same time, just as the public health crisis hit the vulnerable groups the hardest, the economic crisis will hit the fragile countries the hardest. Emerging markets and low-income countries in most regions of Africa, Latin America and Asia face higher risks.

Georgieva said that 2020 will be "undoubtedly" particularly difficult. If the epidemic subsides in the second half of this year, countries will gradually abolish prevention and control measures and restart economic activities, and local economic recovery may occur in 2021, but there are major uncertainties in this prospect.

In order to promote the global economic recovery, Georgieva proposed a four-point plan: continue to implement the necessary prevention and control measures to provide support for the health system; take large-scale, timely and targeted fiscal and financial sector measures Provide protection for the people and companies; reduce the pressure on the financial system and avoid the spread of risks; make plans for the economic recovery after the outbreak prevention and control.

Georgieva also said that the IMF is ready to provide policy advice, technical assistance and financial resources support to member countries. She said that the IMF already has a trillion-dollar loan capacity to provide services to member countries. To date, the IMF has received emergency financing requests from more than 90 countries. To meet these requests, the IMF Executive Board has agreed to double the available emergency credit to US $ 100 billion. The IMF also called on the World Bank to suspend debt repayment requests to the world ’s poorest countries.

Georgieva quoted Hugo as saying, "Major dangers are also good. It can discover friendships between strangers." "This common threat unites us. Although it is not known how our economy and lifestyle will change, we know we will survive the crisis and become more resilient."

Affected by the new coronary pneumonia epidemic, the IMF and the World Bank decided to adjust this spring meeting to a remote meeting, which will be held from April 14 to 17. (Finish)