Virus cases surge in Americas as IMF warns of economic carnage
by Heather Scott with AFP bureaus
More than 78,000 people were diagnosed with COVID-19 in the US and in Brazil alone Wednesday, as the IMF laid out the unprecedented economic devastation caused by the global pandemic and the WHO warned the number of infections could reach 10 million worldwide within the next week.
As many countries emerged from lockdown hoping to resurrect their economies, US states were reimposing virus restrictions and Brazilian experts were warning the country was sending people “to the slaughterhouse.”
The International Monetary Fund said that this “crisis like no other” would send the global GDP plunging by 4.9 percent this year and wipe out an astonishing $12 trillion over two years.
It said that many countries will face a recession more than double that which they suffered during the global financial crisis in 2008-2009.
The IMF forecast that China, where the virus emerged late last year, would be the only economy that grows this year, by just one percent.
The United States is forecast to shrink by eight percent, Germany slightly less, while France, Italy, Spain and Britain would all suffer double-digit contractions. (AFP)
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