The Head of the IMF discusses the coming depression
The IMF or International Monetary Fund is one of the world’s most recognized financial institutions and is accountable for delivering monetary assistance to countries around the world. The recent explosion of the COVID-19 crisis has brought with it tons of doubt. In a recent interview, the acting head of the IMF spoke on these problems to give her thoughts on the matter.
The Latest State of the Economic System
Almost every category of economic indicators has been indicating a horrifying truth with many of the numbers being seen for the first time since the original Great Depression. It is hard to anticipate what these numbers will look like come the end of the year because right now there have so many things up in the air. One thing is certain you cannot deny that the numbers for several key signals are distressing.
Present Unemployment Levels
Unemployment levels across the globe have exploded in the last month with more than 20 million freshly unemployed in the United States alone. Many countries around the world either already are or will soon be going through unemployment levels not seen since the 1930s.
Existing GDP Forecasts
At the start of this year, many organizations anticipate for the year included healthy if modest GDP growth around the world. Of course, the models had some countries performing better than others but overall widespread success. Today the story is very much different. Nearly across the board countries are forecasting negative GDP growth.
How are Industries Impacted
There are many industries such as the airline industry that are getting as much as 90% or more decline in their revenues year over year. Some industries are being affected more than others but the damage is pretty much-affecting everyone in some way.
The Present Approach to Crisis
Right now the head of the IMF has claimed they are pursuing a vigilant approach. It is wise not to disregard the health crisis that is still going around the planet. Their interventions are supposed to avoid as much pain as possible and they are paying careful attention so as to not forget the countries that require help the most . Especially those that are struggling in the developing world.
More information can be found on the IMF website.