World faces potential new ‘Great Depression’ as virus toll mounts


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(Worthy News) – World powers scrambled on Thursday to build a global response to the human tragedy and once-in-a-century economic collapse caused by the coronavirus epidemic, as death tolls in the US and Europe soared higher.

In a locked-down New York, the UN Security Council was to meet on the pandemic for the first time. And, by video conference, EU finance ministers were wrangling over how to bail out their worst hit members Italy and Spain.

“We anticipate the worst economic fallout since the Great Depression,” said IMF chief Kristalina Georgieva, warning that all but a handful of countries will see incomes fall and urging governments to provide “lifelines” to businesses and households alike. [ Source: Times of Israel (Read More…) ]

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