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Experts anticipate financial impact of COVID-19 worst economic crisis since the Great Depression

7 months 2 weeks 1 day ago Friday, April 10 2020 Apr 10, 2020 April 10, 2020 7:27 AM April 10, 2020 in News
Source: ABC News
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Globally, over 95,000 people have died from coronavirus-related complications and experts say the fallout is likely to be the worst economic crisis since the Great Depression, which lasted from 1929 until 1933. 

According to ABC News, this warning comes from the International Monetary Fund (IMF).

"Today we are confronted with a crisis like no other. COVID-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory," Kristalina Georgieva, IMF managing director, said in a statement Thursday.

Three months ago, the IMF said it expected at least 160 countries would see positive per capita income growth in 2020. As of Thursday, the organization now predicts over 170 countries will experience negative per capita income growth this year.

"The bleak outlook applies to advanced and developing economies alike. This crisis knows no boundaries. Everybody hurts," Georgieva said. "In fact, we anticipate the worst economic fallout since the Great Depression."

In the U.S., more than 16 million people have filed for unemployment insurance in just three weeks, according to data released Thursday by the U.S. Department of Labor.

The 2020 World Economic Outlook event is scheduled for Tuesday, April 14.

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