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Washington, Mar 28: The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year.

"We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference.

Georgieva was addressing the press after a meeting of governing body of the IMF, the International Monetary and Financial Committee. Representing 189 members, the body met virtually to discuss the unprecedented challenge posed to the world by COVID-19.

The key to recovery in 2021, she said, is only if the international community succeeds in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue.

"The US is in recession, as is the rest of the advanced economies of the world. And in a big chunk of developed and emerging markets in developing economies. How severe? We are working now on our projections for 2020, Georgieva said in response to a question.

The new projections are expected in the next few weeks.

Stressing that while containment is the main reason for the economy to stand still and get into a recession, she said containment is very necessary to come out of this period and step in to recovery. "Until the virus is not contained, it would be very difficult to go to the lives we love."

"A key concern about a long-lasting impact of the sudden stop of the world economy is the risk of a wave of bankruptcies and layoffs that not only can undermine the recovery. But can erode the fabric of our societies," the IMF chief said.

To avoid this from happening, many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy, both on the monetary and on the fiscal side, she said.

The IMF chief said 81 emergency financing requests, including 50 from lower-income countries, have been received. She said current estimate for the overall financial needs of emerging markets is 2.5 trillion dollars.

"We believe this is on the lower end. We do know that their own reserves and domestic resources will not be sufficient," she added.

The G-20, a day earlier, reported fiscal measures totalling some 5 trillion dollars or over 6 per cent of the global GDP.

Responding to another question, Georgieva said the IMF is projecting recession for 2020.

"We do expect it to be quite deep and we are very much urging countries to step up containment measures aggressively so we can shorten the duration of this period of time when the economy is in standstill," she said.

"And also to apply well-targeted measures, primarily focusing on the health system to absorb that enormous stress that comes from coronavirus. And on people, businesses and the financial system, I am very pleased to say that when we went through countries' responses, that sense of targeted fiscal measures is there and are also very impressive to see the size of these measures," she added.

"Countries are doing all they can on the fiscal and on the monetary front. We have heard from our members' very impressive decisions taken over the last days," the IMF chief said.

"We also want to caution that as we are responding now, we want to make the recession as possibly short and not too deep. We also want to think about what is going to follow the recovery and make sure that we are putting forward measures that can be supportive in this regard," she said.

London, Apr 30: The coronavirus is roiling global job markets, but the picture is not all gloomy. Finance, technology and consumer goods firms are hiring tens of thousands in the United States and other countries, according to data from Microsoft Corp's professional networking site LinkedIn.

Across seven countries in North America, Europe and Asia, healthcare providers are among the busiest recruiters given the ongoing battle against the novel coronavirus, which has killed over 200,000 people and infected over 3 million people worldwide, LinkedIn said. But lifestyle changes during lockdown are also driving demand for financial consultants, factory workers, animators and game designers, and delivery workers.

Overall, the hiring rate has plunged in the first quarter from the year-ago period, and in late April remains lower than a year ago across most countries surveyed by the platform. But the data offer a glimmer of hope with a gradual uptick in China, where the coronavirus emerged last year and which leads the world in surfacing from a months-long lockdown.

LinkedIn, with over 690 million users worldwide, counts new hires when people add a new employer to their profile. The rate is the number of new hires divided by the total number of LinkedIn members in a country.

The figures, tracked since mid-February, are not corroborated by official jobs data and do not represent the actual number of jobs in an economy. Government figures are usually released with a time-lag of several weeks.

"We are confident that our data is directionally correct in that there has been a huge decline in hiring in the U.S. and abroad," Guy Berger, principal economist at LinkedIn in California, told Reuters.

Hiring in China plummeted 50% during the height of its coronavirus crisis in mid-February from 12 months earlier. Since restrictions were eased in early April, the hiring rate has inched up, and for the week ending April 24 was 3% lower than the same period in 2019.

Hiring in the United States, United Kingdom, France and Italy - which lead the world in coronavirus-related deaths - remains hugely depressed, but is falling less rapidly than a few weeks ago as the countries pass the peak of their epidemics.

Retailers including Walmart Inc, Amazon.com Inc and Instacart have said they would hire a total of over 700,000 workers to meet a surge in demand for groceries and household essentials during the coronavirus outbreak.

Coronavirus state-wise India update: Total number of confirmed cases, deaths on April 30

Consumer goods manufacturers such as Unilever, whose products include soap and shampoo, confirmed on Wednesday it was hiring to fill 300 jobs globally, but declined to elaborate.

Nestle told Reuters it was looking to fill 5,000 full-time U.S. positions in "a variety of levels across corporate and frontline."

Fidelity Investments, a Boston-based financial services firm, said it had accelerated recruitment because of the pandemic and was looking to fill at least 2,000 full-time roles for financial consultants, software engineers and customer service staff in the United States in 2020.

Companies hiring in the United States and other countries also include Apple Inc; ByteDance, the Chinese parent of video-sharing social network TikTok; Takeda Pharmaceutical Co Ltd; and aerospace and defence company Lockheed Martin Corp. These companies did not immediately respond to requests for comment.

DIRE WARNINGS

The International Labour Organization warned on Wednesday that 1.6 billion workers, or nearly half of the global workforce, especially in the informal economy, could lose their livelihoods.

Record numbers of people have applied for U.S. jobless benefits since mid-March, and the unemployment rate is expected to soar to 16%, White House economic adviser Kevin Hasset said this week, from a 50-year low of 3.5% before the pandemic hit.

Both Italy and France, in lockdown for nearly two months, have seen hiring rates drop by around 70% from a year ago, according to LinkedIn.

Since China is ahead of other countries on the pandemic timeline, improvements there could suggest the same is in store elsewhere, Berger said. Several American states and European countries have begun allowing some non-essential businesses and schools to reopen in the hopes of restarting the economy and allowing a gradual return to normal life.

"It's still slightly early to call it a firm recovery," Berger said, referring to improving prospects in China. "We're not expecting a full recovery but rather it's an indication that parts of the economy will switch on as lockdowns are eased, at least relative to the worst point of the pandemic."

Geneva, Jul 4: The World Health Organization has updated its account of the early stages of the COVID crisis to say it was alerted by its own office in China, and not by China itself, to the first pneumonia cases in Wuhan.

The UN health body has been accused by US President Donald Trump of failing to provide the information needed to stem the pandemic and of being complacent towards Beijing, charges it denies.

On April 9, WHO published an initial timeline of its communications, partly in response to criticism of its early response to the outbreak that has now claimed more than 521,000 lives worldwide.

In that chronology, WHO had said only that the Wuhan municipal health commission in the province of Hubei had on December 31 reported cases of pneumonia. The UN health agency did not however specify who had notified it.

WHO director Tedros Adhanom Ghebreyesus told a press conference on April 20 the first report had come from China, without specifying whether the report had been sent by Chinese authorities or another source.

But a new chronology, published this week by the Geneva-based institution, offers a more detailed version of events.

It indicates that it was the WHO office in China that on December 31 notified its regional point of contact of a case of "viral pneumonia" after having found a declaration for the media on a Wuhan health commission website on the issue.

The same day, WHO's epidemic information service picked up another news report transmitted by the international epidemiological surveillance network ProMed -- based in the United States -- about the same group of cases of pneumonia from unknown causes in Wuhan.

After which, WHO asked the Chinese authorities on two occasions, on January 1 and January 2, for information about these cases, which they provided on January 3.

WHO emergencies director Michael Ryan told a press conference on Friday that countries have 24-48 hours to officially verify an event and provide the agency with additional information about the nature or cause of an event.

Ryan added that the Chinese authorities immediately contacted WHO's as soon as the agency asked to verify the report.

US President Donald Trump has announced that his country, the main financial contributor to WHO, will cut its bridges with the institution, which he accuses of being too close to China and of having poorly managed the pandemic.

The WHO denies any complacency toward China.