Barron's: Economic Carnage Forecast As Virus Cases Surge In Americas

[Commonground]

June 24, 2020
The IMF on Wednesday laid out the unprecedented economic devastation caused by the coronavirus pandemic, as the WHO said it expects the number of global infections to soon hit 10 million and cases surge in the Americas.

The International Monetary Fund said that this "crisis like no other" would send the global GDP plunging by 4.9 percent this year and wipe out an astonishing $12 trillion over two years.

As many countries emerge from lockdowns hoping to resurrect their economies, the IMF warned that a potential second wave of infections could mean its already grim World Economic Outlook update underestimates the damage.

Continued: https://www.barrons.com/news/economi...as-01593033606

[Emily]

It said that many countries will face a recession more than double that which they suffered during the global financial crisis in 2008-2009.

The IMF forecast that China, where the virus emerged late last year, would be the only economy that grows this year, by just one percent.

The United States is forecast to shrink by eight percent, Germany slightly less, while France, Italy, Spain and Britain would all suffer double-digit contractions.

The report said the crisis would particularly affect low-income countries and households, as well as threatening progress made on reducing extreme poverty."