IMF encouraged by recovery in China, but pandemic could resurge

The International Monetary Fund cited limited but encouraging signs of recovery in China, the first country to suffer the full force of the COVID-19 pandemic, but said it could not rule out a resurgence of the pandemic in China and elsewhere.

In a blog published Monday, top IMF economists said the pandemic caused by the new coronavirus had pushed the world into a recession that would be worse than the global financial crisis, and called for a global, coordinated health and economic policy response.

"The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments," the IMF experts wrote.