May 18, 2024
NewsIMF: ‘The Great Lockdown’ Will Bring The Worst Recession Since The Great Depression

IMF: ‘The Great Lockdown’ Will Bring The Worst Recession Since The Great Depression

  • 'This is way worse than anything we saw in the Great Depression': Economist
  • 'Great Lockdown' to rival Great Depression with 3% hit to global economy, says IMF
  • The future faces grave uncertainty
  • The International Monetary Fund said Tuesday that the novel Coronavirus will likely push the global economy into its worst recession since The Great Depression of the 1930s and further warned that the prospects of a worldwide rebound are highly uncertain.

    The IMF projected that the economy would contract sharply by three percent in 2020, much worse than during the 2008-09 financial crisis. Further, in a baseline scenario, which assumes that the containment efforts can be gradually reduced in...

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