International Monetary Fund, IMF, has said that the world is in the face of a devastating impact due to the Corona virus pandemic and has clearly entered a recession. However, it projected a recovery next year.

Managing Director Kristalina Georgieva said that IMF has reassessed the prospects for growth for 2020 and 2021.

It said that the current recession is as bad or worse than in 2009. She said that the recovery in 2021 will only be possible if the international community succeeds in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue.

Stressing that while containment is the main reason for the economy to stand still and get into a recession, Ms Georgieva said containment is very necessary to come out of this period and step in to recovery.