IMF Acting discusses approaching economic depression
The IMF or International Monetary Fund is one of the world’s most recognized financial institutions and is responsible for delivering monetary support 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 issues to give her views on the matter.
Understanding the latest State of the Economy
Almost every classification of economic indicators has been indicating 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 indications are troublesome.
Unemployment levels across the globe have exploded 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 experiencing unemployment levels not seen since the 1930s.
At the beginning of this year, most organizations anticipate for the year included healthy if modest GDP growth around the world. Of course, the models had some countries doing better than others but overall widespread success. Today the story is much different. Nearly across the board countries are forecasting negative GDP growth.
What Industries are Impacted
There are some industries such as the airline industry that are seeing as much as 90% or more reduction in their revenues year over year. Some industries are being affected more than others but the damage is pretty much-affecting everyone in some way.
Results of Approach to Crisis
Right now the head of the IMF has claimed 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 designed to avoid as much pain as possible and they are paying careful attention so as to not forget the countries that need help the most . Especially those that are having difficulties in the developing world.
More information can be found on the IMF website.