COVID-19 SPARKS UNPRECEDENTED GLOBAL ECONOMIC CRISIS-IMF.

The International Monetary Fund has announced that the global coronavirus pandemic has sparked an economic “crisis like no other,” sending world GDP plunging 4.9 percent this year and wiping out $12 trillion over two years.
According to the IMF, worldwide business shutdowns destroyed hundreds of millions of jobs, and major economies in Europe face double-digit collapses. In an updated World Economic Outlook published on Wednesday, the IMF emphasized that the prospects for recovery post-pandemic, like the forecasts themselves, are steeped in “pervasive uncertainty” given the unpredictable path of the Novel Corona Virus.
The IMF also warned of dangers posed by eroding relations between and within countries. IMF Chief Economist, Gita Gopinath said under current forecasts, the crisis will destroy $12 trillion over two years.   She warned that the world is not out of the woods.