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IMF says global economic carnage in coronavirus pandemic will be much worse than expected and that job destruction has been ‘catastrophic’

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Daily Mail
June 25, 2020

The International Monetary Fund has laid out the unprecedented economic devastation caused by the coronavirus pandemic, sharply lowering its forecast for global growth this year.

The IMF said on Wednesday 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.

That is significantly worse than the 3 percent drop it had estimated in its previous report in April.

The IMF said that the global economic damage from the recession will be worse than from any other downturn since the Great Depression of the 1930s.

The report says that the drop-off in economic activity ‘comes with a catastrophic hit to the global labor market,’ forecasting that the equivalent of 300 million jobs will be wiped out worldwide in the second quarter.

For the United States, it predicts that the nation´s gross domestic product – the value of all goods and services produced in the United States – will plummet 8 percent this year, even more than its April estimate of a 5.9 percent drop.

That would be the worst such annual decline since the U.S. economy demobilized in the aftermath of World War II.

  • A d v e r t i s e m e n t

China, however, is expected to fare much better, with the world’s second-largest economy projected to see growth of 1 percent this year. China is the only country the IMF forecasts growth for this year, after the country was able to emerge from lockdown quickly in the first quarter.

The IMF issued its bleaker forecasts Wednesday in an update to the World Economic Outlook it released in April.

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This article was posted: Thursday, June 25, 2020 at 3:48 am

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