Tuesday, April 14, 2020

IMF says the world will ‘very likely’ experience worst recession since the 1930s


Franklin Delano Roosevelt Memorial, Bronze statues that depict the Great Depression, Waiting in a bread line by George Segal, Washington D.C, United States.
UniversalImagesGroup | Getty Images

The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said Tuesday, as governments worldwide grapple with the Covid-19 pandemic.

The Washington-based organization now expects the global economy to contract by 3% in 2020. By contrast, in January it had forecast a global GDP (gross domestic product) expansion of 3.3% for this year.

 “It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” Gita Gopinath, the IMF’s chief economist, said in the latest World Economic Outlook report.

Read more: https://www.cnbc.com/2020/04/14/imf-global-economy-to-contract-by-3percent-due-to-coronavirus.html

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