IMF predicted the worst crisis since the Great Depression

The International Monetary Fund (IMF) predicted the worst economic downturn since the Great Depression due to the coronavirus in 2020. This was stated by IMF Managing Director Kristalina Georgieva, speaking in Washington.

“Today we are facing a crisis unlike anything else. COVID-19 has undermined our social and economic order at a lightning speed and on a scale that the people who live today do not remember,” she said on Thursday, April 9. The financier’s speech is broadcast on the IMF Twitter page.

According to Georgieva, the world has faced uncertainty about the length and depth of the crisis. But it is already clear that the growth of the world economy in 2020 will be sharply negative, she added.

“Just three months ago, we expected growth in per capita income in 2020 in more than 160 member countries. Today, these figures are upside down: now we forecast that more than 170 countries will see negative per capita income growth this year,” the IMF director said. All countries will be affected, regardless of the level of economic development, she said.

With the spread of coronavirus could leave billions of people unemployed around the world, the day before Bloomberg reported citing data from the International Labor Organization. This will mainly affect the hotel business, catering, various industries and retail trade.