The International Monetary Fund (IMF) is revising its forecast for global economic growth downward due to the effects of the coronavirus pandemic. This is “very likely,” said IMF managing director Kristalina Georgieva on Tuesday in a conference organized by Financial Times.
“Incoming data from many countries is worse than our already pessimistic projections… Very likely we are going to come up with the update to our projections some time in June, and at that point … our expectation is that there would be a bit more bad news in terms of how we see 2020.”
The IMF forecast a month ago that business closures and lockdowns to slow the spread of the virus would throw the world into the deepest recession since the 1930s Great Depression, with gross domestic product output shrinking 3% in 2020.
The IMF typically revises its World Economic Outlook forecasts in early July. Georgieva said the worsening data was also likely to mean that emerging markets and developing economies would need more than $2.5 trillion in additional financing to grapple with the pandemic.
But as long as the U.S. Treasury is printing dollars, I guess it will be fine. That’s what a lot of people seem to believe anyway.
What do you think? I’m not feeling all that awesome about it at the moment.
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