Global Economy In Recession Worse Than Great Depression – IMF

The International Monetary Fund (IMF) says the global recession faced as a result of the Coronavirus outbreak is worse than the early 90s ‘Great Depression’.

The Great Depression of the 1930s being alluded by IMF witnessed devastating effects for rich and poor counties across the globe and has been used to exemplify how intensely the global economy can decline.

“The world is facing an unprecedented crisis in the coming year, a period which would be unusually difficult,’’ IMF Managing Director Kristalina Georgieva, told a news conference in Washington.

Georgieva said that even if the pandemic loosened its grip in the second half of the year and parts of the economy were allowed to re-start, only a partial recovery could be expected.

The IMF chief emphasised how difficult it was to make prognoses of this kind.

The situation could end up being even worse, depending on how long the pandemic lasts.