Year 2020 could witness the worst global economic fallout ever since the Great Depression of 1930s, where over 170 countries in all probabilities are heading to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday.
Georgieva gave the statement during her address on “Confronting the Crisis: Priorities for the Global Economy” ahead of next week’s annual Spring meeting of the International Monetary Fund (IMF) and the World Bank.
“Today, the world is confronted with a crisis like no other. COVID-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory,” she said.
The virus is causing a tragic loss of life, and the lockdown needed to fight it has affected billions of people. What was normal just a few weeks ago — going to school, going to work, being with family and friends — is now a huge risk, she added.
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