With an "extraordinary uncertainty" about the duration of the crisis, the IMF said the global economy is facing a sharp decline this year. Speaking publicly days before the scheduled release of the fund's quarterly outlook, IMF managing director Kristalina Georgieva said, "We anticipate the worst economic fallout since the Great Depression."
More than 170 countries are expected to experience a decline in per capita income this year. As flights are grounded and personal car travel stalls, global oil demand could fall by more than a quarter while the coronavirus crisis lasts.
US Federal Reserve chairman Jay Powell similarly projected a sharp decline in the US economy in Q2. US weekly unemployment claims have risen to unprecedented levels since the crisis began. The US said 6.6 million workers applied for unemployment benefits in the week ending on 4 April, down slightly from the record 6.9 million claims the previous week.
