IMF warns of worst global recession since 1930s
15 April 2020 | 11:56 am
The global economy is facing its worst recession since the 1930s. That’s according to the International Monetary Fund, which has sharply cut its 2020 forecast because of the coronavirus pandemic and lockdowns. The IMF predicts a 3 percent contraction for the global economy this year - describing "The Great Lockdown" as a crisis "like no other". The Fund has called on governments to take "swift and sizable" action to support the economic recovery.
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Leaders from more than a dozen African countries will attend a summit in Paris from Monday to discuss their financial needs after the Covid-19 pandemic. Ahead of the gathering, the head of the International Monetary Fund, Kristalina Georgieva, has told FRANCE 24 the international community must step up efforts to ensure a "dangerous divergence" of fortunes between advanced and developing economies is avoided. "This divergence would mean more insecurity, more instability and lost opportunities for the world economy to grow," she warned.
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