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

Silvia Amaro@SILVIA_AMARO

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

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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