IMF: Over 170 countries likely to experience negative per capita income growth in 2020

Amidst coronavirus pandemic, an IMF official has claimed that 2020 could see worst global ecomic fallout since Great Depression in 1930s. According to reports, IMF Managing Director Kristalina Georgieva claimed that over 170 countries were likely to experience negative per capita income growth due to coronavirus pandemic.

'As b as Great Depression'

As per reports, Georgieva me remarks while she was dressing a garing about ‘Confronting Crisis: Priorities for Global Ecomy’. Her comments come a week before next week's annual Spring meeting of International Monetary Fund (IMF) and World Bank. She ded that coronavirus crisis h disrupted social and ecomic order at lightning speed and on a very large scale.

According to reports, Georgieva claimed that virus h alrey caused tragic loss of life and various restrictive measures implemented to fight virus h affected billions of people. Georgieva furr claimed that only three months ago 160 were expected to have positive per capita income growth and w due to virus IMF projects that over 170 countries will experience negative per capita income growth this year.

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Half a billion people in poverty

Oxfam has reportedly warned that half a billion people could be pushed into poverty. According to a report that was recently released by Nairobi-based charity, impact of crisis can have dire consequences on global poverty levels due to shrinking household incomes and consumption.

As per report, ecomic fallout from coronavirus could be worse than 2008 global financial crisis. report indicates that global poverty level could go up for first time since 1990. report also ded that crisis could send some vulnerable countries three deces back.

According to report, in most serious scenario, number of people living in poverty (living on less than $5.50 a day) could rise by 434 million people to 922 million worldwide. report also indicated that women were more at risk than men because y were more likely to work in informal sector which has little to employment rights.

(Im Credit Pixabay)

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