The International Monetary Fund (IMF) has warned that the global coronavirus pandemic is causing an economic crisis unlike any in the past century.
According to AFP, the IMF Chief, Kristalina Georgieva disclosed this on Thursday in a speech previewing next week’s spring meetings of the IMF and World Bank, which will be held virtually due to the restrictions imposed amidst the COVID-19 pandemic.
“In fact, we anticipate the worst economic fallout since the Great Depression. The bleak outlook applies to advanced and developing economies alike. This crisis knows no boundaries. Everybody hurts,” Georgieva said.
The IMF Chief had said it will require a massive response to ensure recovery from the looming economic crisis and even in the best case the IMF expects only a “partial recovery” next year, assuming the virus fades later this year, allowing normal business to resume as the lockdowns imposed to contain its spread are lifted.
On Tuesday the IMF will release its World Economic Outlook with grim forecasts for its members for this year and next. In January, the IMF had projected global growth of 3.3 per cent this year and 3.4 per cent in 2021.