{"id":23375,"date":"2020-04-09T18:48:43","date_gmt":"2020-04-09T13:18:43","guid":{"rendered":"https:\/\/kashmir.today\/world-faces-worst-economic-fallout-since-great-depression-says-imfs-kristalina-georgieva\/"},"modified":"2020-04-09T18:48:43","modified_gmt":"2020-04-09T13:18:43","slug":"world-faces-worst-economic-fallout-since-great-depression-says-imfs-kristalina-georgieva","status":"publish","type":"post","link":"https:\/\/kashmir.watch\/?p=23375","title":{"rendered":"World faces \u2018worst economic fallout since Great Depression\u2019, says IMF\u2019s Kristalina Georgieva"},"content":{"rendered":"\n<p><em>Kristalina Georgieva warned that \u201cglobal growth will turn sharply negative in 2020.\u201d<\/em><\/p>\n\n\n\n<p><em><a href=\"https:\/\/www.thehindu.com\/business\/Economy\/world-faces-worst-economic-fallout-since-great-depression-says-imfs-kristalina-georgieva\/article31299840.ece\">AFP<\/a><\/em><\/p>\n\n\n\n<p>The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said on Thursday.<\/p>\n\n\n\n<p>She warned that \u201cglobal growth will turn sharply negative in 2020,\u201d with 170 of the International Monetary Fund&#8217;s 180 members experiencing a decline in per capita income.<\/p>\n\n\n\n<p>\u201cIn fact, we anticipate the worst economic fallout since the Great Depression,\u201d Ms. Georgieva said in a speech previewing next week&#8217;s spring meetings of the IMF and World Bank, which will be held virtually due to the restrictions imposed due to the COVID-19.<\/p>\n\n\n\n<p>Even in the best case the IMF expects only a &#8220;partial recovery&#8221; next year, assuming the virus fades later this year, allowing normal business to resume as the lockdowns imposed to contain its spread are lifted.<\/p>\n\n\n\n<p>But \u201cit could get worse,\u201d and \u201cthere is tremendous uncertainty around the outlook\u201d and the duration of the pandemic.<\/p>\n\n\n\n<p>Countries already have taken steps worth a combined $8 trillion, but Ms. Georgieva urged governments to do more to provide \u201clifelines\u201d for businesses and households to \u201cavoid a scarring of the economy that would make the recovery so much more difficult.\u201d<\/p>\n\n\n\n<p>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 projected global growth of 3.3 percent this year and 3.4 percent in 2021. But that was a different world.<\/p>\n\n\n\n<p>\u201cThe bleak outlook applies to advanced and developing economies alike. This crisis knows no boundaries. Everybody hurts,\u201d Ms. Georgieva said.<\/p>\n\n\n\n<p>She noted that about $100 billion in investments already had fled emerging markets \u2014 more than three times the capital exodus seen in the 2008 global financial crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kristalina Georgieva warned that \u201cglobal growth will turn sharply negative in 2020.\u201d AFP The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said on Thursday. She warned that \u201cglobal growth will turn sharply negative in 2020,\u201d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-23375","post","type-post","status-publish","format-standard","hentry","category-world-news"],"_links":{"self":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/23375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23375"}],"version-history":[{"count":0,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/23375\/revisions"}],"wp:attachment":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}