Global economy to suffer worst blow since the 1930s, warns IMF

Financial Times/Chris Giles/4-15-2020

“Forecasting that this year would be the worst global economic contraction since the Great Depression of the 1930s, Gita Gopinath, the fund’s chief economist, said the world outlook had ‘changed dramatically’ since January with output losses that would ‘dwarf’ the global financial crisis 12 years ago.”

USAGOLD note:  In a separate report on global financial stability, the IMF warned that the pandemic represented a “very serious threat to the stability of the global financial system.” Investor demand for gold as a refuge from systemic risks continues at an accelerated pace.

“A microbe has overthrown all our arrogance.”
Martin Wolf, Financial Times associate editor and chief economics commentator