IMF Georgieva Coronavirus Impact




12 Feb 2020


Washington, DC, United States

IMF Georgieva Coronavirus Impact
Washington, DC --- 12 February, 2020
1. Exterior of International Monetary Fund headquarters
2. SOUNDBITE: (English) Kristalina Georgieva, IMF Managing Director:

“Let me first say that before we think about the economic impact, we have to recognize that this is a tragedy for people that are affected, those who lose their lives and their families and communities. And therefore it is right to concentrate first and foremost on restricting the epidemics and then making sure that less people suffer.”

3. Midshot of Georgieva
4. SOUNDBITE: (English) Kristalina Georgieva, IMF Managing Director:

“We are still at the point of quite a lot of uncertainty. So I would talk about scenarios rather than projections. In terms of scenarios, the more most likely scenario we now view is a V shaped impact. In other words, sharp decline in economic activities in China, followed by a rapid recovery and a total impact on China relatively contained. Therefore, impact on the world economy also contained. But we need to remember that there are uncertainties on the nature of this epidemic and on the way it is impacting sectors of the economies and value chains. We often make comparisons between SARS in the early 2000s and the Corona virus. We have to remember that the virus is different. China is different and the world economy is in a different place. This virus spreads differently than SARS and has already exceeded the number of people who lost their lives, in comparison to SARS. The Chinese economy is much more significant for the world. Then it was 8 percent of the world economy. Now it is 19 percent and it is much more integrated in Asia and with the rest of the world. Therefore, disruptions are more likely to cascade down to other countries. And 3: the world economy in the early 2000s was in a very strong shape, whereas today we are projecting a relatively modest global growth... 3.3 percent. It is a sluggish recovery after a downward in the last that year. For all these reasons, we have to carefully assess what the impact is, and turn a scenario into projections. We expect to have more data based on the restart of factories and production in China within the next week to 10 days. Ask me again then.”

5. Midshot of Georgieva
6. Exterior of IMF
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