The group forecast the cumulative loss to the global GDP over 2020 to 2021 as a result of the pandemic could be approximately $9 trillion—more than the economies of Japan and Germany combined.
Here's how the day is unfolding. Please refresh for updates.
A Wall St. street sign is framed by U.S. flags flying outside the New York Stock Exchange in New York, Jan. 3, 2020.U.S. financial markets rallied on Tuesday, with the Dow Jones Industrial Average spiking more than 550 points, or approximately 2.5%.Investors seemed to welcome signs that parts of the economy were preparing to reopen and the pandemic was near its peak.In the U.S., governors on both coasts announced they were working on plans to allow businesses to resume.
Gita Gopinath, the economic counsellor and director of research at the IMF, referred to the contraction as"the Great Lockdown" in a blogpost, saying it will be"the worst recession since the Great Depression, and far worse than the Global Financial Crisis." Gopinath added that emerging markets and developing economies"face additional challenges with unprecedented reversals in capital flows as global risk appetite wanes, and currency pressures, while coping with weaker health systems, and more limited fiscal space to provide support."On Monday, the IMF also announced it would provide debt relief to 25 countries through its Catastrophe Containment and Relief Trust.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus 'Great Lockdown' to shrink global economy by 3% in 2020: IMFThe global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
Read more »
IMF: 'The Great Lockdown' to be worst recession since Great DepressionAmid the coronavirus, the International Monetary Fund is projecting its worst ever economic forecast for the global economy: a 3% contraction in 2020.
Read more »
IMF: Global Growth Will Drop 3% Amid Worst Outlook “Since Great Depression”But in 2021, “partial recovery” could boost markets 5.8%.
Read more »
World Bank, IMF Push to Consolidate Patchwork Approach to Coronavirus CrisisIn addressing the coronavirus pandemic, the international financial community has lacked a unified approach, observers say. But the IMF and World Bank are pushing world leaders to coordinate more closely.
Read more »
IMF slashes growth forecasts, says world will 'very likely' experience worst recession since the 1930sThe global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said.
Read more »
IMF expects global growth to drop to -3 percentNEW: In update to World Economic Outlook released Tuesday, IMF forecasts a sharp and sustained downturn because of coronavirus pandemic. “It is very likely that this year the global economy will experience its worst recession since the Great Depression.'
Read more »