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IMF estimates global losses caused by coronavirus crisis

Source : 112 Ukraine

Over the next five years, the crisis is estimated to cost 28 trillion dollars in lost GDP
10:41, 15 October 2020

EPA

Due to the crisis caused by the coronavirus pandemic, the world may not receive about 30 trillion dollars in lost gross domestic product. Nevertheless, such losses can be incurred over several years. This statement was made by the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva at the opening of the autumn meetings with the World Bank.

"Over the next five years, the crisis is estimated to cost 28 trillion dollars in lost GDP," she said.

Related: Covid-19 crisis is 'devastating blow' for world economy, - World Bank

According to Georgieva, the IMF is considering options for further adjustment of lending instruments to support countries in need.

As we reported earlier, the World Bank forecasts a decline in Ukraine's GDP in 2020 and a resumption of economic growth in 2021 and 2022 at 1.5 and 3.1%, respectively.

"The economy is expected to contract by 5.5% in 2020. Going forward, growth is expected to remain modest at 1.5 percent in 2021, rising to about 3.7 percent by 2023. The outlook depends on the duration of the health crisis and reforms to address bottlenecks to investment and safeguard macroeconomic sustainability,” the statement said.

Related: Losses of tourism caused by Covid-19 in 2020 surpasses losses during 2009 financial crisis

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