Global economy has now entered a recession

The International Monetary Fund clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn. IMF reported the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But this would only occur if nations succeed in containing the coronavirus and limiting the economic damage.

Daily Current Affairs Quiz 2020

IMF had warned that 2020 world growth would be below the 2.9% rate seen in 2019. The organization stopped short of predicting a recession. Trade wars pushed global growth last year to the lowest rate since a 0.7% contraction in 2009. Also, it forecasted a recovery in 2021.