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The impact of COVID-19 on global finance

As the world grapples with the coronavirus, the economic impact is mounting - with the G20 Finance Ministers and Central Bank Governors having a conference call on 23 March to discuss how to address the emergency.

 The impact of COVID-19 on global finance

The International Monetary Fund's Managing Director Kristalina Georgieva issued a statement following the call, in which she outlined the outlook for global growth:

"For 2020 it is negative - a recession at least as bad as during the global financial crisis or worse."

But she added: "We expect the recovery in 2021. To get there, it is paramount to prioritize containment and strengthen health systems - everywhere."

The Organisation for Economic Co-operation and Development warned on 23 March that the shock from the virus is already bigger than the global financial crisis.

OECD secretary-general Angel Gurría said many countries would fall into recession and countries would be dealing with the economic fallout of the COVID-19 pandemic for years to come.

This statement comes after the United Nations Conference on Trade and Development, the UN trade agency, warned of a slowdown of global growth to under 2% this year, effectively wiping $1 trillion off the value of the world economy.

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