Global economy to shrink by three percent in 2020 due to Coronavirus: IMF
WASHINGTON: The International Monetary Fund (IMF) has projected that the global economy would shrink by 3 percent in 2020 amid the global coronavirus pandemic.
This was stated by IMF chief economist Gita Gopinath while talking to reporters in Washington as she released the latest report about World Economy.
She said the downturn will slash nine trillion US dollars from the world economy. If the virus was contained and economies could begin operating again, 2021 should see a rebound of 5.8 percent.
The IMF warned that there were severe risks of a worse outcome due to the extreme uncertainty around the strength of the recovery.
The Great Lockdown as the IMF called the global downturn was the worst since the Great Depression of the 1930s.
UN chief asks world nations to support WHO
United Nations Secretary-General Antonio Guterres has asked world nations to support the World Health Organization instead of criticizing its role to effectively defeat the coronavirus.
In a statement in New York, Guterres said it was not the time to reduce the resources for the operations of the World Health Organization or any other humanitarian organization in the fight against the virus.
The statement came in response to President Trump’s decision to halt funding to the WHO.
The Secretary General, while defending the role of WHO, urged international community to work together in fight against corona epidemic.