Monday, 26th September 2022
<To guardian.ng
Search

IMF warns of worst global recession since 1930s

By France24
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.

Related

21 Apr
The negative economic effects from Russia's invasion of Ukraine will significantly hurt global growth, the IMF has said. Increasing food and fuel prices have raised the prospect of unrest in poorer countries.
23 Apr
Emmanuel Macron and Marine Le Pen have outlined differing visions for the French economy ahead of Sunday's election. The presidential candidates want to tackle the top issue for French voters: the rising cost of living. Daniela Ordonez, Chief French Economist at Oxford Economics, breaks down the different proposals and what they would cost the French state.
23 Apr
Emmanuel Macron and Marine Le Pen have outlined differing visions for the French economy ahead of Sunday's election. The presidential candidates want to tackle the top issue for French voters: the rising cost of living. Daniela Ordonez, Chief French Economist at Oxford Economics, breaks down the different proposals and what they would cost the French state.
1 May
French voters have re-elected Emmanuel Macron for another five-year term, handing him victory over far-right candidate Marine Le Pen for the second time in a row. So what's next for the French economy and the number one issue for voters, the cost of living crisis? Kate Moody asks Frederik Ducrozet, senior European Economist at Pictet Wealth Management.
15 May
Ghana is committed to managing its debt without assistance from the International Monetary Fund (IMF), Finance Minister Ken Ofori-Atta said, expressing his confidence that government measures were moving the country in the right direction.
16 May
New data shows China's economy cooled sharply in April, as many cities including Shanghai suffered Covid-19 lockdowns. Industrial output dropped nearly 3 percent compared to a year before, while retail sales slumped 11 percent. Meanwhile, global wheat prices jump after India announces a ban on exporting the grain due to damage from a heatwave. Finally, we see how tourists are returning to Barcelona. The development is good news for local businesses but could revive tensions over mass tourism.
18 May
The Chinese economy is slowing down markedly as strict lockdowns send big cities into hibernation. Repercussions will be felt in Germany, too.
18 May
Japan's GDP fell at an annualised rate of 1 percent in the first three months of this year as the Omicron variant of the coronavirus hampered consumer spending. Rising commodity prices also weighed on businesses in the world's third-largest economy. Plus, as unemployment remains stable in France at 7.3 percent, a steelworks factory in the northern city of Dunkirk is offering a cash bonus to employees to encourage them to recruit family members.
25 May
The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong international mobilisation" will save the lives of millions of people. Also in our update from Davos: EU member states move towards an embargo on Russian oil, but with no consensus on the timeline.
12 Jun
Russia's war in Ukraine is derailing the global economy's recovery from the pandemic. The Organisation for Economic Cooperation and Development (OECD) is the latest to slash its forecast for economic growth, warning of high inflation and a possible food crisis. Also in the show: India's central bank raises interest rates for the second time in less than a month, while Turkey's government refuses to do so, despite spiralling inflation.
22 Jun
Hackers breached the system used Germany's ruling Green Party and gained access to accounts previously used by Foreign Minister Annalena Baerbock and Economy Minister Robert Habeck, party officials said.
27 Jun
The legalization of cannabis and COVID lockdowns appear to have increased its regular use, the United Nations Office on Drugs and Crime report finds.