Posted on 04/14/2020 7:11:45 AM PDT by Olog-hai
Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast.
The IMF said Tuesday that it expects the global economy to shrink 3% this year — far worse than its 0.1% dip in the Great Recession year of 2009 — before rebounding in 2021 with 5.8% growth. It acknowledges, though, that prospects for a rebound next year are clouded by uncertainty.
The bleak assessment represents a breathtaking downgrade by the IMF. In its previous forecast in January, before COVID-19 emerged as a grave threat to public health and economic growth worldwide, the international lending organization had forecast moderate global growth of 3.3% this year. But far-reaching measures to contain the pandemic — lockdowns, business shutdowns, social distancing and travel restrictions — have suddenly brought economic activity to a near-standstill across much of the world.
“The world has been put in a great lockdown,” the IMF’s chief economist, Gita Gopinath, told reporters. “This is a crisis like no other.” …
(Excerpt) Read more at apnews.com ...
If it saves just ONE life...
ABCCBSCNNMSNBCFox/AP is giddy with joy.
And not a peep out of them when obama crashed the oil market and put thousands of people out of work.
More like a 4 week paid vacation. With enhanced unemployment and stimulus payments
The only problem will be the supply chain making enough goods for the Surge in demand.
What a good time for the U.S. to disconnect from the global economy.
MAGA!
The Depression actually started in 1895 and went to 1935.
I heard this story from someone in CA last week.
What nonsense!
I feel bad for the oil patch. Going to get really ugly for oil producers in Canada and the USA.
mission accomplished....good going fearpers....
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