The Director-General of the International Monetary Fund (IMF) Kristalina Georgieva said that the economic impact of COVID-19 could be worse than the Great Depression that struck the world in 1929.
The IMF is expected to release its ‘World Economic Outlook’ report on Tuesday and the economic growth prospects are expected to be grim.
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“The bleak outlook applies to advanced and developing economies alike. This crisis knows no boundaries. Everybody hurts,” Georgieva said.
The IMF chief also added that 170 out of the 180 members are experiencing a decline in their per capital income levels, following this crisis.
This is due to the fact that more than 3 billion people are in a state of lockdown, throughout the world.
In its January report, the IMF had predicted Global GDP growth of 3.3% for the year 2020 and 3.4% for 2021. However, this now seems overrated.