According to the International Monetary Fund (IMF) Managing Director Kristalina Georgieva, the world’s economy faces perhaps its biggest test since the Second World War.

Her statement comes against Russia’s invasion of Ukraine and the economic havoc caused by the COVID-19 pandemic.

She argued that the global economy is being brought to the edge of a precipice by crisis upon crisis.

In an interview with Bloomberg on the sidelines of the World Economic Forum, Ms. Georgieva said she expects that over the next 18 months, countries will call on the IMF for more assistance. 

“We are living in a time of crisis upon crisis. Who is most at risk? The countries that were weaker to begin with. And so, we are already seeing an increase of demands for IMF engagement in Lebanon, Egypt, in Tunisia, in Sri Lanka, and we are looking into 2022 as a difficult year for especially developing countries under a high level of debt,” she pointed out.  

She also said that while there is an increased risk of recession in some countries, the IMF does not anticipate a global recession.

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Readers Bureau, Contributor

Edited by Jesus Chan

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