The head of the International Monetary Fund (IMF), Kristalina Georgieva, emphasized that the current global economy was in a very poor shape due to the fact that global GDP forecasted to drop 4.9 percent — the worst result since the recession in the 1930s.
“This a true world crisis! Ninety-five percent of the world will end 2020 in a much worse position than they started the year, with a lower GDP per capita,” she told RMF FM radio.
She added that the majority of countries managed to react in a way which could help them exit the crisis — central banks lowered interest rates and governments injected massive budget funds into their markets.
She stated that the scale of response to the crisis is the biggest one in history.
Georgieva praised the EU for passing a reconstruction package of €750 billion and pointed out that it must be used in the right way — by supporting economic transformation which would increase the competitiveness of EU countries in the future.
