IMF Head discusses upcoming economic downturn
The IMF or International Monetary Fund is one of the world’s leading financial institutions and is responsible for supplying monetary support to countries around the world. The recent surge of the COVID-19 crisis has brought with it tons of doubt. In a recent interview, the acting head of the IMF spoke on these issues to give her views on the matter.
Understanding the latest State of the economic climate
Almost every category of economic indicators has been showing a horrifying fact with many of the numbers being seen for the first time since the original Great Depression. It is hard to foresee what these numbers will look like come the end of the year because right now there have so many things up in the air. One thing is certain you cannot deny that the numbers for several key indicators are worrisome.
Present Unemployment Levels
Unemployment levels across the globe have skyrocketed in the last month with more than 20 million freshly unemployed in the United States alone. Many countries across the world either already are or will soon be suffering from unemployment levels not seen since the 1930s.
Latest GDP Forecasts
At the beginning of this year, many organizations anticipate for the year included balanced if modest GDP growth around the world. Of course, the models had some countries doing better than others but overall widespread prosperity. Today the story is much different. Nearly across the board countries are predicting negative GDP growth.
Current Industries Affected
There are many industries such as the airline industry that are seeing as much as 90% or more decrease in their revenues year over year. Some industries are being impacted more than others but the devastation is pretty much-affecting everyone in some way.
Current Approach to Crisis
Right now the leader of the IMF has claimed they are pursuing a cautious approach. It is wise not to dismiss the health crisis that is still going around the planet. Their interventions are supposed to avoid as much pain as possible and they are paying careful attention so as to not overlook the countries that require help the most . Especially those that are scrambling in the developing world.
More information can be found on the IMF website.