"It is now clear that we had entered the recession whose effects will be worse than the financial crisis of 2008,” Georgieva said during a virtual press briefing.
The IMF Managing Director projected that economic recovery is possible in 2021 on the condition that the COVID-19 pandemic is contained worldwide.
"In fact, there may be a sizeable rebound but only if we succeed containing the virus everywhere," Georgieva said.
The IMF Managing Director warned that the recession will be “quite deep.”
“We are very much urging countries to step up containment measures aggressively,” she said.
These steps should shorten the recession, Georgieva added. She also called for well-targeted measures primarily focusing on the health system.