Outlook for the Global economy & policy priorities to overcome the covid-19 crisis

International Monetary Fund (IMF) Managing director,kristalina Georgieva delivers the speech yesterday in Washington.

 Today we are confronted with a crisis like no other covid-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory.

It is already clear, however, that global growth will turn sharply negative in 2020, as you will see in our World Economic Outlook next week. 

Great depression was a severe world wide economic depression that took place during the 1930s.In fact, we anticipate the worst economic fallout since the Great Depression.

Just three months ago, we expected positive per capita income growth in over 160 of our member countries in 2020. Today, that number has been turned on its head: we now project that over 170 countries will experience negative per capita income growth this year.

We are still faced with extraordinary uncertainty about the depth and duration of this crisis.