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Browsing: COVID-19 could cost $28trn in output losses
The covid-19crisis could cost the world an estimated $28trn in output losses over the next five years according to the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva.
She gave her remarks during the IMF and World Bank Group annual meeting which was held virtually.
“Nine months into the pandemic, we are still struggling with the darkness of a crisis that has taken more than a million lives, and driven the economy into reverse, causing sharply higher unemployment, rising poverty and the risk of “a lost generation” in low-income countries,” Georgieva said.
She added that over the last few months the picture has become less dire although IMF continues to foresee a worst global recession since the 1930 Great Depression. She also notes that in 2020 growth is expected to fall to -4.4 per cent.
She also added that despite there being tremendous uncertainty around IMF’s forecast, they …