IMF Head goes over coming recession
The IMF or International Monetary Fund is one of the world’s premier financial institutions and is responsible for providing monetary assistance to countries around the world. The recent explosion of the COVID-19 crisis has brought with it tons of concern. In a recent interview, the acting head of the IMF spoke on these problems to give her thoughts on the matter.
What is the latest State of the overall economy?
Almost every category of economic indicators has been reflecting a horrifying fact with many of the numbers being seen for the first time since the original Great Depression. It is hard to anticipate 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 throughout the globe have increased 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 going through unemployment levels not seen since the 1930s.
At the start of this year, many organizations estimate for the year included healthy if modest GDP growth around the world. Of course, the models had some countries performing better than others but overall widespread success. Today the story is substantially different. Nearly across the board countries are predicting negative GDP growth.
What Industries are Affected
There are many industries such as the airline industry that are getting as much as 90% or more decrease in their revenues year over year. Some industries are being affected more than others but the devastation is pretty much-affecting everyone in some way.
Present Approach to Crisis
Right now the head of the IMF has said they are pursuing a cautious approach. It is wise not to disregard the health crisis that is still going around the planet. Their interventions are supposed to prevent as much pain as possible and they are paying careful attention so as to not forget the countries that require help the most . Especially those that are struggling in the developing world.
More information can be found on the IMF website.