“The economic data arriving from many countries is below our already pessimistic analysis for 2020. And in the absence of medical solutions, more unfavorable scenarios could unfortunately materialize for certain economies”, underlined Kristalina Georgieva, who participated by video link to a conference organized in Florence, Italy.
In mid-April, the IMF released its forecast for “the rather disastrous performance of the global economy shrinking 3% this year, only to see a partial recovery in 2021,” said the managing director.
“The unknown behavior of the virus obscures the horizon of our predictions,” she said.
“Assuming we have treatment and vaccines by early 2021 at the latest, then we can count on a recovery,” said Georgieva.
According to her, the economic recovery, however, requires testing and tracking positive people “on a larger scale”.
The new coronavirus pandemic has killed more than 270,000 people worldwide, including nearly 85% in Europe and the United States, since its appearance in China in December, according to a report by the AFP on Friday.