IMF Predicts Worst Global Crisis Since Great Depression, Costing $9 Trillion

The International Monetary Fund (IMF) said the world’s current economic crisis is the worst downturn since the Great Depression, and no country is spared. The IMF estimates that the cumulative loss to global GDP from the pandemic could be around 9 trillion dollars.

Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed

The Great Lockdown: Worst Economic Downturn Since Great Depression

The IMF’s economic counselor and director of the research department, Gita Gopinath, has analyzed the world’s economic crisis and detailed her analysis in a report published on Tuesday. “The world has been put in a Great Lockdown,” she began, citing that countries have implemented the necessary quarantines and social distancing practices to combat the coronavirus pandemic. She elaborated:

The magnitude and speed of collapse in activity that has followed is unlike anything experienced in our lifetimes.

Gopinath sees the Great Lockdown as “the worst…