The lockdown by countries in the wake of the Coronavirus epidemic is going to see the world economy the worst period since the Great Depression of the 1930s. The International Monetary Fund (IMF) has warned. The IMF believes that the 2020 year is going to be very bad for the global economy. The IMF estimates that this year’s global economy will see the biggest decline since the 1930s.
Per capita income to be reduced in 170 countries
Imf Managing Director (MD) Kristina Georgieva said on Thursday that per capita income will decline in more than 170 countries in the world in 2020. It is noteworthy that the world was first in the 1930s. The coronavirus has devastated the economy of the whole world. Governments around the world have given relief packages worth nearly $8 million, but that doesn’t seem to be enough.
Biggest fall since the Great Depression
Georgieva said the world is extraordinarily uncertain about the crisis period, but it has already been clear that the global growth rate will decline strongly in 2020. “We estimate that we will see the biggest decline since the Great Recession of the 1930s,” he said.
According to news agency PTI, Georgieva said in her address on “Combating the Crisis: Priorities for the Global Economy” ahead of next week’s IMF and World Bank meeting that today the world is reeling under a crisis that it had never seen before. Kovid-19 has significantly deteriorated our economic and social situation. We’ve never seen this before.”
More hurt in developing countries
She said the crisis will hurt emerging countries and developing countries the most, which will require hundreds of billions of dollars of foreign aid.
She said that the virus is causing lives and has been locked down to combat it, affecting billions of people. A few weeks ago all was normal, the kids were going to school, people were going to work, we were with family and friends. But today there is a risk of doing it all.