“The human costs of the Coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage,” warned IMF Managing Director Kristalina Georgiva.
According to people at Goldman Sachs, the path to full economic recovery is likely to be complicated and gradual, as wide swaths of the economy are forced to rebuild and adapt. “The halt in economic activity was sudden and broad, but the resumption in activity is likely to be gradual as different sectors of the economy resume at different stages,” said Steve Strongin.
“We are expecting a major global recession. Our estimates suggest a much deeper downturn than the Great Recession. (…) As the pandemic unfolds, disruptions in domestic food supply chains are emerging as a pressing issue in many countries,” said World Bank Group President David Malpass.
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