Monday, August 10, 2020

IMF worried: worst development since the Great Depression?

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The International Monetary Fund (IMF) warns of a dramatic impact on the global economy due to the coronavirus pandemic.

The worst development since the Great Depression in the 1920s and 30s is expected, said IMF director Kristalina Georgiewa in Washington on Thursday. It is an unprecedented crisis.

The current year will undoubtedly be “exceptionally difficult,” said Georgiewa. Even if the pandemic weakens in the second half of the year and allows a partial reopening of the economy, only a partial recovery can be expected for the coming year.

At the same time, she emphasized that forecasts of this kind are difficult to make. It could also get worse – depending on how long the pandemic lasts.

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