The International Monetary Fund warned that the COVID-19 epidemic is pushing the world economy into a deep recession this year, expecting global output to decline by 3%. According to the Monetary Fund's World Economic Outlook, the global economy will be able to achieve a 5.8% recovery in 2021 if the virus is contained and the economic movement returns to normal.
The fund expected the US economy to contract by 5.9%, but at the same time it expected recovery next year, with growth of 4.7%.
The International Monetary Fund warned of "a significant risk of a worse outcome" due to "severe uncertainty about the strength of the recovery" at a time when closure measures were imposed in most countries of the world in light of efforts to contain the epidemic and prevent the collapse of health care systems.
The fund stated that the global economy may lose $9 trillion in two years due to Corona.
About two million people worldwide were infected with the COVID-19 epidemic caused by the emerging coronavirus, 120,000 of whom have died, while travel has almost completely stopped and businesses, shops, and restaurants have been forced to close.
The "Great Close", the term the International Monetary Fund has used to refer to the current global recession is the worst since the "Great Depression" of the 1930s.
Source (Al-Arabiya.net website, Edited)
