IMF: World to Enter Worst Recession Since Great Depression
The International Monetary Fund (IMF) reported yesterday that every sate is in a current recession around the world. This is the first time it has happened since the early 1930s. The hardest-hit nation is Britain.
The organization is projecting a 3% shrink in the economy by the end of the year. The painful hit caused by the 2008 recession was only 0.1%. Due to this data, the IMF's chief economist Gita Gopinath is telling people to brace for the worst recession since the Great Depression.
In the World Economic Outlook, they reported
"A partial recovery is projected for 2021, with above trend growth rates, but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound...Much worse growth outcomes are possible and maybe even likely."
They explained that if the containment lasts longer results could be much worse.