IMF chief Georgieva says the world is in a recession, containment will dictate strength of recovery

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Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks in Washington, D.C., on Oct. 16, 2019.

Andrew Harrer | Bloomberg | Getty Images

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International Monetary Fund chief Kristalina Georgieva said Friday that the global economy is now in a recession thanks to COVID-19, but that she’s heartened to see world leaders finally realizing that only coordinated effort will be able to stem the spread of the novel coronavirus.

“We have stated that the world is now in recession and that the length and depth of this recession depends on two things: Containing the virus and having an effective, coordinated response to the crisis,” she told CNBC’s Sara Eisen. 

“I’m very encouraged by what I see now. I see much clearer understanding [among global leaders] that if we don’t beat it everywhere we won’t be able to get out of it,” she added.

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