The fallout from the coronavirus will be much worse than during the financial crisis, the IMF says. The global economy is expected to shrink by 3% this year, while U.S. GDP could fall twice as much.
With flight schedules slashed, airline counters at Reagan National Airport are empty. The fallout from the coronavirus will be much worse than during the financial crisis, the International Monetary Fund says.With flight schedules slashed, airline counters at Reagan National Airport are empty. The fallout from the coronavirus will be much worse than during the financial crisis, the International Monetary Fund says.
"The COVID-19 pandemic is inflicting high and rising human costs worldwide," IMF forecasters wrote in their global outlook, titled"Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity," the IMF added.
The outlook was presented at the start of what would ordinarily be a week of in-person meetings in Washington. This year, the IMF is conducting its global get-together online, in deference to the pandemic.reopening shuttered parts of the economy"Necessary measures to reduce contagion and protect lives will take a short-term toll on economic activity but should also be seen as an important investment in long-term human and economic health," authors of the outlook wrote.
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