The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund (IMF) said Tuesday, as governments worldwide grapple with the Covid-19 pandemic.
Gita Gopinath, chief economist and director of the Research Department at the International Monetary Fund
IMF 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.
In January, the IMF had estimated 3.4% growth for global GDP in 2021; this has now been revised up to 5.8% (although growth is expected to be coming from a lower base following 2020′s projected contraction).
The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund (IMF) said Tuesday, as governments worldwide grapple with the Covid-19 pandemic.
Gita Gopinath, chief economist and director of the Research Department at the International Monetary Fund
IMF 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.
In January, the IMF had estimated 3.4% growth for global GDP in 2021; this has now been revised up to 5.8% (although growth is expected to be coming from a lower base following 2020′s projected contraction).
