Global economy would shrink by 3 percent in 2020 amid the global coronavirus pandemic - IMF
The International Monetary Fund headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019
"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," stressed the report. Pointing to the extreme uncertainty surrounding the global growth forecast, the report underlined that many countries faced a multi-layered crisis comprising of health shocks, domestic economic disruptions, plummeting external demand, capital flow reversals and a collapse in commodity prices.
The report called on countries to urgently work together to slow the spread of the virus and develop a vaccine and therapies to counter the disease. The report predicted that advanced economies – especially those experiencing widespread outbreaks and deploying containment measures – will contract this year, including the US , Japan , UK , Germany , France , Italy and Spain .
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus 'Great Lockdown' to shrink global economy by 3% in 2020: IMFThe global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
Read more »
IMF projects a recession for sub-Saharan Africa in 2020Sub-Saharan Africa's gross domestic product is expected to contract 1.6% this year, compared 3.1% growth last year, as the coronavirus pandemic wrecks the region's economies, the International Monetary Fund said on Tuesday .
Read more »
World Bank, IMF Push to Consolidate Patchwork Approach to Coronavirus CrisisIn addressing the coronavirus pandemic, the international financial community has lacked a unified approach, observers say. But the IMF and World Bank are pushing world leaders to coordinate more closely.
Read more »
IMF slashes growth forecasts, says world will 'very likely' experience worst recession since the 1930sThe global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said.
Read more »
Trump administration seeks months-long delay to complete 2020 census due to pandemicThe Trump administration is asking Congress to let it delay the results of the 2020 Census because of the health crisis.
Read more »
The Midas List 2020For the world's top venture capital investors, spotting tech's next unicorns is just another day at the office.
Read more »