IMF warns | world is moving towards biggest economic recession of century

The International Monetary Fund (IMF) fears that this year the global economy is looking to be caught in the biggest economic slowdown of the last century. IMF MD Kristalina Georgieva said on Thursday that more than 170 countries are expected to have a negative increase in per capita income this year due to the Corona epidemic. According to him, due to Corona epidemic, this year's global economic recession may be the most dangerous after the Great Depression of 1929.

Speaking on the topic 'Coping with Crisis: Priorities of the Global Economy' ahead of the important meeting of the IMF and World Bank next week, Georgieva said that the world is currently facing its most serious challenge. COVID19 has put a thunderbolt on social and economic systems like we had never seen before. According to him, tens of thousands of people have lost their lives due to this virus and the lockdown imposed to avoid it has affected the livelihood of crores of people. Significantly, the Great Depression of 1929 was for 10 years.

On the one hand, when global agencies are saying a big blow to the Corona on the world economy, the United Nations expects the Indian economy to grow at 4.8 per cent in the current financial year. The institution had projected India to grow at a rate of five per cent for the last financial year. The United Nations said in the Economic and Social Survey of Asia and the Pacific (Escape) 2020: Towards Sustainable Economies that the economic and social impact of COVID19 in the region would be far more lethal. Due to COVID19, business, tourism and financial relations in this area are going to be severely affected.