Ready for the Greatest Economic Crisis Like the Depression of the Depression: The Depression of 1930: IMF

WASHINGTON, April 10, 2020 Friday

Amidst the escalating threat of a global pandemic, the IMF's Managing Director, Christina Jarriva, has expressed skepticism about the dire economic downturn.

According to him, the world that has been stalled by the Corona epidemic has reached the brink of the biggest economic meltdown since 1930.

In his address on Thursday, he said that the pace of global development will move in a negative direction very quickly in 2020 and the per capita growth rate in more than 170 countries will be negative this year.

The IMF chief said that it had already been clarified that the global growth rate would be negative in 2020. In fact, the whole world is heading towards a potential depression.

Expressing concern over the current state of the world, he said that the corona virus could cause the world's economy to suffer the biggest setback since the Great Depression of 1930.

Jarviwa said that just three months ago we had estimated that income per capita would increase this year in 160 member countries of the world, but now the situation has changed.

There are now signs that growth rates will be negative in 170 countries. Meanwhile, economically weaker countries are expected to suffer the most damage.

The IMF chief said that Corona is proving to be a major challenge for people living in densely populated cities and slums facing poverty.