IMF’s Georgieva warns of a worst economic downturn since Great Depression
|In remarks previewing next week’s virtual meetings of the 189-nation International Monetary Fund (IMF) and the World Bank, Managing Director Kristalina Georgieva warned that the coronavirus pandemic will drown the global economy into the deepest recession since the Great Depression.
Key quotes
“We anticipate the worst economic fallout since the Great Depression.
The IMF will release an updated world economic forecast on Tuesday that will show just how quickly the coronavirus outbreak has turned what had been expected to be a solid year of growth into a deep downturn.
With weak health systems to begin with, many face the dreadful challenge of fighting the virus in densely populated cities and poverty-stricken slums, where social distancing is hardly an option.
I stress there is tremendous uncertainty around the outlook.
It could get worse depending on many variable factors, including the duration of the pandemic.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.