Kasra Esfahanian/ Staff reporter
CBC News and Global News reported: In the International Monetary Fund’s (IMF) latest forecast they mentioned that “by the coronavirus outbreak the world’s economy is going to suffer and it’s going to have its worst years since the Great Depression of the 1930s.”
They have also provided data that show “Canada’s economy is being hit harder than countries like U.S. and Japan but it’s going to survive this outbreak better than other countries such as Germany, France, and the U.K.”
CBC and Global News also mentioned “The bleak assessment represents a breathtaking downgrade by the IMF. Before COVID-19 in its previous forecast in January emerged as a grave threat to public health and economic growth worldwide, the international lending organization had also mentioned a global growth of 3.3 percent this year. but reaching measures to
contain the pandemic, lockdowns, business, shutdowns, social distancing, and travel restrictions have suddenly brought the economic activity to a near standstill worldwide.”
IMF also expects “a far larger global shrink of 3 percent comparing to the Great Recession in 2009.”
“The world has been put in a great lockdown,” the IMF’s chief economist, Gita Gopinath, she also added “this is a crisis like no other,”
Gopinath added “the loss to the global gross domestic product, the broadest gauge of economic output, could amount to 9
trillion dollars more than economies of countries such as Germany and Japan combined.”
While CBC and Global News focus on this shrinkage CTV News reported “as some of the world’s top economists project 2020 to be the worst year for the global economy since the Great Depression, Canada is expected to suffer less than most of Europe and see an economic contraction on par with the U.S.
According to the IMF’s forecast projects, the world economy will
shrink by 3 percent this year, a much sharper drop than the 0.1 percent dip during the 2009 recession.
The economic outlook for Canada is undoubtedly gloomy, with
expected negative growth of 6.2 percent.