“Global Growth In 2020 Will Contract To 3 Percent,” Says IMF Chief

IMF Chief Kristalina Georgieva predicts that the global growth rate will shrink down to three percent in 2020 due to the COVID-19 pandemic.

Economic downturn

The IMF projects global growth in 2020 to fall to three percent. IMF Chief Kristalina Georgieva said that the world economy will soon experience harsher downturns. Many experts claim that the ongoing lockdown is the worst recession after the Great Depression of the 1930’s. As the lockdown stretches on, its adverse effects are becoming visible on the economy. This virus is considered a disaster for the economy, with many companies facing huge loses in the last three months. Economic indicators of the nation show that it needs to recover as soon as possible.

The pandemic has already given a big blow to crude oil businesses across the globe. The virus has also resulted in numerous job losses and stagnancy in business markets. To avoid any more bleeding of the economy, trade activities have now become operational albeit  cautiously in many countries. This will somewhat help in healing the economy and bring back normalcy in the financial system.

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