World, As Seen from the most beautiful islands: Ireland and Cyprus

Global contraction will reach 4.9 percent in 2020


The International Monetary Fund (IMF) estimates the economic damage from the corona crisis this year and next year at $ 12,000 billion, according to a report on the Great Lockdown. According to IMF chief economist Gita Gopinath, global action has caused the deepest recession since the Great Depression of the 1930s.

It expects a global contraction of 4.9 percent this year. That contraction would be followed by a 5.4 percent rebound next year. Things like a vaccine or treatment for Covid-19 could give the economy a boost. Additional government support can also do that. A second wave of virus would undermine recovery. World trade is expected to contract 12 percent this year due to the crisis.

Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

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