Global Economy Shrinking at Alarming Rate, IMF Warns
(Worthy News) – All signs are pointing to a global economic crisis of proportions not seen in decades in the face of the coronavirus pandemic crisis.
On Wednesday, the International Monetary Fund estimated that the global economy would shrink by 3 percent in 2020, a slowdown 30 times worse than what the world experienced in 2009, when the global financial crisis caused growth to shrink by 0.1 percent.
The new forecast contrasts sharply from the IMF’s projections just three months ago, when the organization anticipated a 3.3 percent global economic expansion. It also comes as the United States is making a modest effort to prop up other countries’ economies with increased contributions to international financial organizations such as the IMF and the United States Agency for International Development (USAID). [ Source: VOA News (Read More…) ]
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