IMF Head Sees Worst Economic Downturn Since Great Depression
In this February 14, 2020 file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. (AP Photo/Jens Meyer, File)
WASHINGTON (AP) — 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.
“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.
She said that the IMF will release an updated world economic forecast on Tuesday that will show just how quickly the coronavirus outbreak has turned what had been expected to be a solid year of growth into a deep downturn.
Just three months ago, the IMF was forecasting that 160 nations would enjoy positive income growth on a per capita basis. Now the expectation is that over 170 nations will have negative per capita income growth this year.
Emerging markets and low-income nations across Africa, Latin America and much of Asia are at high risk, she said.
“With weak health systems to begin with, many face the dreadful challenge of fighting the virus in densely populated cities and poverty-stricken slums, where social distancing is hardly an option,” Georgieva said.
Georgieva said there was no question that 2020 will be an “exceptionally difficult” year.
2020 will be the worst year in HISTORY 4month’s in and this a gwaan brace for the real issues after this pandemic
Many more years to follow
We saw this coming and didn’t take heed. This is going to hit us all very hard. The poor will get poorer and the rich will continue on with their lavish lives. They are already burying hundreds of bodies on a daily basis.
I will not accept this message. If China is already up and running again and that is where this virus originated then why are we going to meet clamity if they haven’t? Folks do not latch on to the fear based mentality they are trying to sell us. China is selling ventilators and medical supplies to the globe their economy is not expected to suffer, so why should ours. Everything required to keep life going in the world already exists here, we import nothing from no other planet or solar system, so the problem is the money mentality as the sole measure of wealth, if we move past money everything is in total abundance freely for all. It is the money mentality that creates the idea of recessions and depressions, no such thing exist in reality, everything is in abundance just as the sun and oceans are forever providing for our needs with no concept of money, and for all the ppl they claim are burdening the earth with overpopulation but every single one has enough oxygen to breathe everyday. Why has the oxygen never ran out on the planet. Don’t get trapped in their systems, stick to the system of the Creator and latch on to the kingdom of God inside of you.
True but China has products that the world needs and the rich nations can afford to pay top dollar for. What do poor nations have that the world needs?. Blacks are dying at a rate more than whites. We are losing our jobs more as well. Just facts. Hold on to hope, yes., but we have to face grim reality. 6 thousand already waiting in line in USA on the highway for food bank as no money no job no grocery and the pandemic isn’t over yet.
Well said
South Africa has the lowest recorded rate of the virus. Doctors even says they found it strange the decline in number of cases daily. No doubt they soon find a way to ensure South Africa suffers hard. Even Haiti has less cases than Jamaica.
WHEN THE WINTER HITS THEIR TIME IT WILL BE A DIFFERENT STATISTIC. THEY ARE WARM RIGHT NOW.