As we all are going through the COVID-19 pandemic, the situations have gone bad and are expected to worsen up. Many reports suggested that all around the globe, due to pandemic, millions will be left jobless. Millions will be below the poverty line. We will see something worse than the 2009 economic crisis.
The international monetary fund (IMF) is an organization of 189 countries working together to secure financial stabilization, growth, international trade, more job opportunities, and to reduce poverty all around the globe.
What IMF says:
IMF indicated a massive economic fall this year due to the virus. They launched several reports concerning it. IMF Chief Economist Gita Gopinath says, ” We are expecting the economic growth of 2020 to be -3%.”
Chart 1 –
This chart clearly shows that in 2009 the financial crisis gave the world a -0.1 growth, which was a huge nuisance to deal with. This time the problem has gotten worse. Here we can see that the lockdown caused -3 increase, which is a considerable number. In we go into figures, it will be around 9 trillion dollars or 75 lakh crore rupees.
Chart 2 –
Here, this chart shows us how the growth was going from 2018 to 2019 and how it is expected to be in 2020. Even a powerful country like Britain claims to have a recession of 35% in its economy.
As the pandemic speeded, all countries started to do lockdown, which is expected to cause around 9 trillion dollars loss to the economy. Hopefully, we will recover back soon from this pandemic to strengthen our cores back.
This last report showed how the countries are expected to be back on work and their development rate. It is no denial that the worst-hit countries were the economic giants. US, Euro, Japan were the most developed and the worst-hit ones. It is expected that for developing countries like India to recover back soon from the crisis. But, on the other hand, advanced economies don’t seem to do any good. Their markets and finance is the worst hit. We can only hope for this situation to get better at last.