IMF warns of permanent economic damage from Covid-19

Pandemic could pitch 90 million people back into extreme poverty, fund says in new economic outlook

Gita Gopinath
IMF Staff Photograph/Stephen Jaffe

The global economy is on a “long and difficult ascent” after the crisis brought on by Covid-19, but most economies worldwide are likely to have been permanently damaged, the International Monetary Fund says.

The economic shock has caused a permanent loss of output “pretty much everywhere”, IMF chief economist Gita Gopinath said today (October 13). This is a “serious setback to improvements in average living standards”.

Gopinath was presenting the main findings of the IMF’s latest World

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