The group forecast the cumulative loss to the global GDP over 2020 to 2021 as a result of the pandemic could be approximately $9 trillion—more than the economies of Japan and Germany combined.
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A Wall St. street sign is framed by U.S. flags flying outside the New York Stock Exchange in New York, Jan. 3, 2020.U.S. financial markets rallied on Tuesday, with the Dow Jones Industrial Average spiking more than 550 points, or approximately 2.5%.Investors seemed to welcome signs that parts of the economy were preparing to reopen and the pandemic was near its peak.In the U.S., governors on both coasts announced they were working on plans to allow businesses to resume.
Gita Gopinath, the economic counsellor and director of research at the IMF, referred to the contraction as"the Great Lockdown" in a blogpost, saying it will be"the worst recession since the Great Depression, and far worse than the Global Financial Crisis." Gopinath added that emerging markets and developing economies"face additional challenges with unprecedented reversals in capital flows as global risk appetite wanes, and currency pressures, while coping with weaker health systems, and more limited fiscal space to provide support."On Monday, the IMF also announced it would provide debt relief to 25 countries through its Catastrophe Containment and Relief Trust.
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