Coronavirus: Worst economic crisis since 1930s depression, IMF says
9-04-2020, 22:12

Font size: [ A+ ] / [ A- ]

The coronavirus pandemic will turn global economic growth "sharply negative" this year, the head of the International Monetary Fund (IMF) has warned.

Kristalina Georgieva said the world faced the worst economic crisis since the Great Depression of the 1930s.

She forecast that 2021 would only see a partial recovery.

Lockdowns imposed by governments have forced many companies to close and lay off staff.

Earlier this week, a UN study said 81% of the world's workforce of 3.3 billion people had had their place of work fully or partly closed because of the outbreak.

Ms Georgieva, the IMF's managing director, made her bleak assessment in remarks ahead of next week's IMF and World Bank Spring Meetings.

Emerging markets and developing countries would be the hardest hit, she said, requiring hundreds of billions of dollars in foreign aid.

"Just three months ago, we expected positive per capita income growth in over 160 of our member countries in 2020," she said.

"Today, that number has been turned on its head: we now project that over 170 countries will experience negative per capita income growth this year."

She added: "In fact, we anticipate the worst economic fallout since the Great Depression."

Ms Georgieva said that if the pandemic eased in the second half of 2020, the IMF expected to see a partial recovery next year. But she cautioned that the situation could also worsen.

"I stress there is tremendous uncertainty about the outlook. It could get worse depending on many variable factors, including the duration of the pandemic," she said.

Earlier this week, the International Labour Organization (ILO), a UN agency, warned that the pandemic posed "the most severe crisis" since World War Two.

It said the outbreak was expected to wipe out 6.7% of working hours across the world during the second quarter of 2020 - the equivalent of 195 million full-time workers losing their jobs.

Last month, the Organisation for Economic Co-operation and Development (OECD) warned that the global economy would take years to recover.

Secretary general Angel Gurría said that economies were suffering a bigger shock than after the 9/11 terror attacks of 2001 or the 2008 financial crisis.

 

BBC

 

Comments: 521
#501   Wilfredo
      
maryland live casino poker

References:
wspomozycielka-lodz.pl
28 February 2026 11:13
#500   Bud
      
28 February 2026 10:36
#499   Helene
      
blackjack phone

References:
shkolnaiapora.ru
28 February 2026 07:48
#497   Mira
      
hummer 2014

References:
schlatthof.net
28 February 2026 05:43
#496   Blythe
      
cinema casino auxerre

References:
https://magiamgia.blog.fc2.com
28 February 2026 04:50
#495   Charlotte
      
28 February 2026 03:37
#494   Deanna
      
bay area casinos

References:
www.bonbini-na-curacao.nl
28 February 2026 01:21
#493   Rosalyn
      
hollywood casinos

References:
vietlinklogistics.com
27 February 2026 22:24
#492   Maureen
      
russian roulette game

References:
community.decentrixweb.com
27 February 2026 19:01
#491   Roxie
      
online casino uk

References:
forum.karnex.in
27 February 2026 17:05
#490   Marina
      
las vegas casino list

References:
www.elsieisy.com
27 February 2026 16:46
#489   Margie
      
Спасибо за такой качественный контент.

Обязательно порекомендую kazino olimp друзьям.

Pin Up Casino онлайн
27 February 2026 06:47
#488   Curtis
      
ellis island casino

References:
https://watbosa.ac.th/question/csfhhgggg
27 February 2026 03:27
#487   Albert
      
christian bale steroids

References:
jobs.emiogp.com
26 February 2026 19:20
#486   Danial
      
%random_anchor_text%

References:
forbes-hall-4.federatedjournals.com
26 February 2026 18:39
#485   Noel
      
%random_anchor_text%

References:
www.bandsworksconcerts.info
26 February 2026 16:11
#484   Uwe
      
I all the time used to read paragraph in news papers but now as I
am a user of internet thus from now I am using net Automatic AI Writer for
WordPress
articles or reviews, thanks to web.
25 February 2026 23:11
#483   Leonie
      
Nice blog! Is your theme custom made or did you download it from somewhere?

A theme like yours with a few simple tweeks would
really make my blog stand out. Please let me know where you got your design. Kudos
betflix888
25 February 2026 01:33
#482   Mac
      
casino770 com

References:
gpsites.win
24 February 2026 21:47
Add Comments

Name:*
E-Mail:
  Geo Keyboard  
 

Dear reader, guardian.ge welcomes your comments. Please express your views on topic and be respectful of others.

bold italic underline strike | align left centered align right | Ensert smilies insert linkInsert protected URL Choice the color | hidden text insert quote Convert selected text from transliteration to Cyrillic alphabet Insert spoiler

Code: *


Back1 2 3 4 5 6 7 8 9 10 ... 27Next