IMF: Recession due to COVID-19 to be worse than 2009
On March 24, 2020, the International Monetary Fund announced that the recession to be caused due to Corona Virus is to be worse than the 2009. IMF has specifically warned the G20 nations that the current economic outlook is towards negative. The G20 nations are to hold a virtual summit in a week to come out with a global solution to combat Corona Virus.
Highlights
The IMF says that currently the shutdown has now brought the world to 1.5% downturn. Marking this, the investors have already removed their investments from emerging markets. And this has accounted to 83 billion USD.
Also, the outlook for global growth for the 2020 year is negative.
IMF Relief Measures
In order to fight Corona Virus, IMF is to deploy 1 trillion USD. More than 80 countries have requested emergency funds from IMF.
2008 Crisis
During the 2008 Financial Crisis, the Global Economy had contracted to 0.6% in 2009 according to IMF. However, the emerging markets like India and China were growing rapidly.
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Month: Current Affairs - March, 2020