The depressing state of the global economy today.
To stop the spread of the killer Coronavirus, governments all over the world have imposed lockdowns. As a result of this, the world economy today is in a shambles.
Kristalina Georgieva, Managing Director, International Monetary Fund said:
“We want to continue to build this more prosperous future for all by overcoming the scarring that may come from this crisis. We should not turn away from what has worked for people everywhere: a division of labor and collaboration and trade, which allows the costs of goods and services to go down, allows incomes to go up, and allows poverty within countries and across countries to retreat.”
Today, the world is in the biggest crisis, ever since World War II.
The Coronavirus pandemic has had a very harsh impact on the world economy.
We are now in the midst of a Coronavirus pandemic and the consequences are dire, for the whole world.
This year, all countries will have negative growth to the extent of as much as 90%.
It has been forecasted by the IMF, that in the year 2020, there will be a 3% global contraction. This would be followed by a 5.8% expansion in the year 2021.
According to estimates, if the current situation remains, the New Coronavirus could cut down the growth of the global economy, by as much as 25% per month.
The bottom line is this – the global economy has now collapsed!