World faces new 'Great Depression' as virus toll mountsEaster celebrations will be greatly changed worldwide due to the coronavirus pandemic. And, by video conference, EU finance ministers were wrangling over how to bail out their worst hit members Italy and Spain. "We anticipate the worst economic fallout since the Great Depression," said International Monetary Fund chief Kristalina Georgieva, warning that all but a handful of countries will see incomes fall and urging governments to provide "lifelines" to businesses and households alike. Alongside the personal tragedies and the pressure on overburdened hospitals, there has been a stark economic toll, with the World Trade Organization warning of the "worst recession of our lifetimes." The continent also faces vast economic damage, with the World Bank warning that sub-Saharan Africa could slip into its first recession in a quarter of a century.

Source: Bangkok Post April 09, 2020 12:33 UTC