IMF's Georgieva says world in recession, countries must 'go big' on spending
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WASHINGTON (Reuters) - The coronavirus has already driven the global economy into recession and countries must respond with "very massive" spending to avoid a cascade of bankruptcies and emerging market debt defaults, the head of the International Monetary Fund warned on Friday.IMF Managing Director Kristalina Georgieva said emerging market countries will need at least $2.5 trillion (2 trillion pounds) in financial resources to get through the crisis, and their own internal reserves and market..