IMF chief: 'World economy not out of the woods yet'published at 06:07 BST 16 July 2020
Despite showing some signs of recovery, the global economy is "not out of the woods yet", International Monetary Fund (IMF) chief Kristalina Georgieva has said.
In a message to G20 finance ministers, she said the economy faced continued challenges - including the possibility of a second wave of Covid-19 - encouraging governments to keep their support programs in place.
The IMF now expects global GDP to fall by 4.9% this year, and only a "tepid recovery is expected for next year".
The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva said in a blog post., external
