The IMF on Wednesday laid out the unprecedented economic devastation caused by the coronavirus pandemic, as the WHO said it expects the number of global …
The IMF on Wednesday laid out the unprecedented economic devastation caused by the coronavirus pandemic, as the WHO said it expects the number of global infections to soon hit 10 million and cases surge in the Americas.
The International Monetary Fund said that this „crisis like no other“ would send the global GDP plunging by 4.9 percent this year and wipe out an astonishing $12 trillion over two years.
As many countries emerge from lockdowns hoping to resurrect their economies, the IMF warned that a potential second wave of infections could mean its already grim World Economic Outlook update underestimates the damage.
A heatwave has hit much of Europe, with experts warning it could lead to a surge in infections
Ben STANSALL, AFP
It said that many countries will face a recession more than double that which they suffered during the global financial crisis in 2008-2009.
The IMF forecast that China, where the virus emerged late last year, would be the only economy that grows this year, by just one percent.
The United States is forecast to shrink by eight percent, Germany slightly less, while France, Italy, Spain and Britain would all suffer double-digit contractions.
The report said the crisis would particularly affect low-income countries and households, as well as threatening progress made on reducing extreme poverty.
– ‚Sober reminder‘ –
World Health Organization chief Tedros Adhanom Ghebreyesus said the global number of cases would reach 10 million within the next week after four million cases were recorded just in the last month.
The global figure currently stands at over 9.3 million.
„This is a sober reminder that even as we continue research into vaccines and therapeutics, we have an urgent responsibility to do everything we can with the tools we have now to suppress transmission and save lives,‘ he said.
