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The IMF estimated global losses from the coronavirus crisis
The world economy may lose $ 28 trillion in the next five years. The fund also points to rising unemployment and poverty.
The world economy will lose an estimated $ 28 trillion in five years due to the crisis triggered by the coronavirus pandemic. About it set IMF Managing Director Kristalina Georgieva at a press conference in Washington on Wednesday, October 14.
“Over the next five years, the crisis could cost, according to available estimates, around $ 28 trillion in GDP losses,” Georgieva said.
In nine months, the global crisis claimed the lives of more than a million people and turned the world economy in the opposite direction, he said. Unemployment and poverty rates increased dramatically and the risk to the economies of low-income countries increased significantly.
“In the last two months, the outlook has become less bleak, but we are still forecasting the worst global recession since the Great Depression. We expect economic growth to drop to minus 4.4% this year,” Georgieva added.
At the same time, Georgieva noted positive news.
“We see unprecedented efforts to develop vaccines and drugs, we see amazing and coordinated fiscal measures that create a solid foundation for the global economy,” said the director of the fund.
Also, the world has started to learn to live with the virus, says Georgieva.
“Despite great uncertainty in our forecasts, we still assume a partial and uneven recovery in 2021,” continued Georgieva.
Finally, the head of the IMF stressed that global economic growth is expected next year at 5.2% of GDP.
Earlier, the IMF said that the consequences of the coronavirus crisis could worsen. The International Monetary Fund expects a progressive recovery in the world economy.
In addition, the IMF has improved the forecast for the decline of the Ukrainian economy this year from 8.2% to 7.2%. Also this year, the estimate of average annual inflation in Ukraine has been lowered, from 4.5% to 3.2%.
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