In this file photo an exterior view of the building of the International Monetary Fund , with the IMG logo, is seen on March 27, 2020 in Washington, DC. Olivier DOULIERY / AFPThe global coronavirus pandemic has sparked an economic “crisis like no other,” sending world GDP plunging 4.9 percent this year and wiping out $12 trillion over two years, the IMF said Wednesday.
“The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the fund warned. “Substantial joint support from fiscal and monetary policy must continue for now,” Gopinath said in a blog post.
Hanging over the predictions is the bill for massive government stimulus plans, which were fueled by extremely low interest rates and likely prevented the recession from turning into a depression even as they created huge and ever-increasing debt levels.The damage is nonetheless stunning, and more widespread than any downturn in recent decades.
Mexico also will see a double-digit decline while Brazil just misses that mark, as does Argentina, which is in the middle of a massive debt crunch on top of its health and economic crises after the country once again defaulted on its foreign obligations.
Source: Financial Digest (financialdigest.net)
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