COVID-19: IMF expects coronavirus outbreak will cause major economic recession in nearly 100 years.

International Monetary Fund The IMF warns that the global economy this year will shrink 3 percent from the coronavirus outbreak. This will lead to the worst economic crisis since the Great Depression of the 1930s.

The IMF pointed out that this epidemic has brought the world into “Crisis unlike any crisis” at the same time also pointed out that The prolonged. Outbreak will test the government’s ability to control crisis situations. And banks of different countries.

COVID-19 crisis Making the Thai economy the worst since the Tom Yam Kung crisis 1997.

World Bank expects COVID-19 poisoning May drag the Thai economy down the second largest in Asia-Pacific.
Business upside during a downturn in the economy after the new coronavirus

IMF Chief Economist Kitakopinath said the crisis could damage the global gross domestic product (GDP) over the next two years at a price. $ 9 trillion (about 288 trillion baht)

“Big lockdown”

Even in the IMF’s World Economic Outlook report praised the response. “Fast and furious” of countries such as the United Kingdom, Germany, Japan and the United States of the crisis occurred. But it pointed out that no nation would survive the economic recession.

IMF predicted that Global economic growth will rebound to 5.8% in 2021 if the pandemic eases in the second half of this year.
Mrs. Kopinat stated that the current “big lockdown” caused “Terrifying reality” for the policymakers of the country faced “Great uncertainty about the timing and severity of the economic stagnation that has occurred”

The IMF Chief Economist expects the economy to partially recover in 2021

“but GDP figures will remain lower than expected trends prior to the epidemic.” There will also be considerable uncertainty about the strength of the recovery. “
In the UK, the IMF predicts that the country’s economy will shrink 6.5% in 2020 from the previous estimate last month. Jan that GDP figures will grow at 1.4%.

Such forecast figures Considered the most violent in almost a century And more severe than during the global financial crisis Where the UK economy shrank by more than 4.2%

A program in which the UK government furlough compensation provide to keep them unemployed during the state’s closure. It is expected to help limit the unemployment rate to 4.8% in 2020 from 3.8% in the previous year.

Earlier, Mr. Richie Sunak, Minister of Finance Announcing billions of pounds to support workers’ salaries. It also helps to secure loans to enable employees and businesses to get through the difficulties during the city closure.

Terrible around the world

Ms. Kopinat said this is the first time since the Great Depression that both developed and developing countries are likely to face a recession.

The IMF warned that Economic growth in developed countries will not return to at least the levels before the pandemic crisis until 2022.