World in worst recession since great depression, IMF says

The coronavirus pandemic will push the global economy into the deepest recession since the Great Depression, with the world’s poorest countries suffering the most, the head of the International Monetary Fund said Thursday.

Iran PressAmerica: “We anticipate the worst economic fallout since the Great Depression,” IMF Managing Director Kristalina Georgieva said Thursday in remarks previewing next week’s virtual meetings of the 189-nation IMF and its sister lending organization, the World Bank.

According to Reuters, With half of the IMF’s 189 member countries seeking aid, the executive board has agreed to double access to its emergency financing to meet the expected demand of about $100 billion, Managing Director Kristalina Georgieva said in a speech on Thursday.

The IMF’s baseline outlook is for a partial recovery in the global economy in 2021 if the pandemic fades in the second half of this year to allow a gradual lifting of containment measures, Georgieva said. She stressed that uncertainty about the coronavirus duration means things may wind up being even worse.

The pandemic that has spread from the Chinese city of Wuhan to almost every corner of the globe has led to business closures and millions of lost jobs. 


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