WASHINGTON — The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday. IMF Managing Director Kristalina Georgieva welcomed extraordinary fiscal actions already taken by many countries to boost health systems and protect affected companies and workers, and steps taken by central banks to ease monetary policy. "Even more will be needed, especially on the fiscal front," she said. Georgieva issued the new outlook after a conference call of finance ministers and central bankers from the Group of 20 of the world's largest economies, who she said agreed on the need for solidarity across the globe. "The human costs of the coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage," Georgieva said.

Source: International New York Times March 23, 2020 17:26 UTC