International Monetary Fund Managing Director Kristalina Georgieva warned that the IMF expects one-third of the world economy to be in recession. Enda Curran reports on Bloomberg Television.
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The International Monetary Fund (IMF) has predicted that a third of the world’s economies are likely to experience a deep recession as a result of the COVID-19 pandemic, making it one of the worst economic downturns in history.
The IMF expects the global economy to contract by three percent in 2020, with advanced economies, including the United States, expected to experience the biggest contraction since World War II. Emerging markets and developing economies are also expected to be hit hard.
The pandemic has already caused widespread economic disruption, as countries have introduced lockdown measures in an attempt to slow the spread of the virus. Industries such as travel, hospitality, and retail have been hit particularly hard, with many businesses forced to close indefinitely or lay off staff.
The IMF expects global growth to pick up in 2021, but that recovery is likely to be uneven across countries and regions. The organization has called for coordinated action from governments and central banks to support the global economy, including fiscal stimulus and monetary policy measures.
The pandemic has also highlighted long-standing inequalities both within and between countries. The IMF has urged policymakers to prioritize measures to support the most vulnerable, including low-income households, women, and small businesses.
Overall, the IMF’s predictions paint a bleak picture for the global economy in the short term. However, there is hope that coordinated action can help mitigate the worst effects of the crisis and support a more sustainable and equitable recovery in the long term.
Great how they broadcast last year's news this year…
IMF are the biggest Loan Sharks of all
I’m 64 and poor. I’ve been in a recession my entire life.
The poor are always in a recession.
I don’t know any other way to live.
Good. Let the suffering start
I have expected this going into the new year 2023 I also expect food shortages and the price of goods and services to remain high or in some cases go up in cost as people try to hold the line on there personal finances around the world and in the U.S.
This is all manufakturer by the politicians and the plan off Klaus Schwab and his Henchmen/women.
How come no Canada ?
UKRAINE IS PIZZAGATE AND ADRENOCROME BY TONS.
Can't blame capitalism for reckless socialism spending habits in North America and Europe.
The whole world needs to understand war is unnecessary, once we can actually develop relationships and cohesiveness, mankind will not be the cause of its own demise.
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UK has a lot of malinvestment
She is the one sad to countries during pandemic ‘ borrow as much as you can ‘
Like no one knows at this point?
But Greta!
They did over borrow and now refuse to pay. Ghana? Despite repeated warnings by IMF. And now the president is playing the colonialism race card because he needs a scape goat.