The coronavirus pandemic has paralyzed the world economy and has thrown the world into a recession that will be “far worse” than the global financial crisis of a decade ago, International Monetary Fund Director Kristalina Georgieva said, according to Reuters.

At a joint press conference with the Director of the World Health Organization, Kristalina Georgieva called on advanced economies to expand their efforts to help emerging economies and developing countries overcome the economic and health impact of the pandemic. “This crisis is unprecedented. We have seen how the world economy has stopped. We are now in a recession that is much worse than the global financial crisis of 2008-2009,” said Kristalina Georgieva.

A similar message came from World Bank President, David Malpass. “Beyond the health impact of the COVID-19 pandemic, we expect a major global recession,” said David Malpass in a post on LinkedIn network, according to Agerpres.

Emerging markets and developing economies have been hit by the coronavirus crisis, Georgieva said, noting that nearly USD 90 billion of investment has come out of emerging markets, far more than during the 2008 financial crisis. Also, some states are affected by the dramatic drop in the price of raw materials. Georgieva also said that 90 countries – almost half of the 189 IMF member states, have applied for emergency funding from the IMF to respond to the coronavirus pandemic.