The Managing Director , International Monetary Fund , Kristalina Georgieva , has said the crisis from COVID – 19 can lead to a global loss of $ 28 tn in the next five years .
She said this during her opening remarks at the annual general meeting conference on Wednesday .
Georgieva said , “ The picture over the last few months has become less dire , yet we continue to project the worst global recession since the great depression .
“ Growth is expected to fall to – 4 .4 per cent this year. And over the next five years , the crisis could cost an estimated $ 28 tn in output losses .
“ At the same time , we can see stars shining above us . We see unprecedented efforts in vaccine development and treatment .
“ We see extraordinary and coordinated fiscal and monetary measures putting a floor under the world economy . And the world is starting to learn how to live with the virus .
“ While there is tremendous uncertainty around our forecast , we project a partial and uneven recovery in 2021 , with growth expected at 5 . 2 per cent .
” As I said in my curtain raiser speech , all countries now face a “ long ascent ”—a journey that will be difficult , uneven, uncertain , and prone to setbacks .
“ Think of how the virus is resurging in a number of countries. ”