CLEAN : COVID 19 could cost up to 2 trillion US$ to global economy: UN

The video discusses the current economic situation, focusing on the Federal Reserve's interest rate decisions and the global growth forecast, which is expected to be under 2%. It highlights the economic impact of downgraded growth performance, estimating a loss of $1 to $2 trillion. The crisis affects multiple economic dimensions, making it challenging to predict future dynamics. Unlike the 2008-2009 crisis, coordinated government spending is necessary, particularly in public services, health, and education sectors, to address both economic downturns and health-related financial crises.

What does the speaker mean by not envisaging a repeat of the crisis of 2008-2009?

What is the significance of coordinated government spending as mentioned in the text?