International Monetary Fund has warned that the current global recession may last longer than anticipated. The adverse effects are severe and the recovery is extremely sluggish and slow.

IMF has predicted that this global economic crisis is the first of its kind in 60 years and the world economy is on the decline by almost 0.5 percent to 1.0 percent this year. IMF will soon release of the country wise prediction next week.

The current slowdown is that of a synchronized nature, wherein multiple countries are suffering from the recession at the same time. In such cases, the recovery takes a longer time. A typical recession is said to last a year and recovers in next five years.

Globalization has only allowed the recession seep into other countries faster. Along with the western countries, the emerging countries have felt the severe blow as well. At the rate at which the nations are taking loans from IMF, it may just run out of funds. However, in the G20 summit, it was agreed the IMF should triple its funds to $750 billion to avoid this problem. Aggressive as well as sound fiscal and monetary policies must be laid by the governments of all nations to beat this crisis.