The IMF has officially flipped its global economic outlook and now believes that the world is set to enter an economic crisis not seen since the Great Depression.
IMF Managing Director Kristalina Georgieva did not mince words recently in her deep concern for the future of the world economy. She said that economic growth will be “sharply negative” in 2020 and will be the worst crisis since the 1930s.
IMF Sounds the Alarms
In a recent statement, Georgieva painted a bleak picture of the social and economic consequences to expect in the coming months. Although she praised governments around the world for passing some $8 trillion in fiscal stimulus, she said it was simply not enough. “We now project that over 170 countries will experience negative per capita income growth this year,” she said in a statement. [Reuters] It was just three months ago, she clarified, that the IMF fully expected 160 of its member countries to experience positive growth — but the pandemic has changed everything.
Will Cryptocurrencies Weather the Storm?
Although the economic situation has been worsening, stocks have been rallying in the past week. However, financial markets will eventually have to contend with the structural realities of poor macroeconomic indicators. Given that Bitcoin has been largely following the S&P 500, this could seriously quell any hopes of bullish momentum in the coming months, even though it is set to undergo its next halving in May.
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