Report World Economic Outlook by IMF

Report  on World Economic Outlook by IMF

IMF formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes.  India joined the IMF in 1945. On 27 December 1945; 73 years ago. It is an International Financial Institution.  The main purpose of IMF is to promote international monetary cooperation, Facilitate international trade, Foster sustainable economic growth, make resources available to members, experiencing balance of payments difficulties.

Headquarter of IMF is at Washington D.C and it operates in the worldwide region. About 189 countries are a member of the IMF. Managing Director of IMF is Kristalina Georgieva  and Chief Economist is Gita Gopinath. 

A survey by IMF staff usually published twice a year i.e April and October. The staff of IMF analyses of global economic developments during the near and medium-term. These reports give us issues affecting industries countries, developing countries and economic transition to market.

There various things that are mentioned in the report of IMF, But let 's check what chief economist Gita Gopinath has addressed.IMF has said that the World will very likely experience the worst recession since 1930.IMF has given Growth projections for the various countries. Which is mention in the image below.

There is various growth projection which the IMF has given according to countries. This is projected GDP which countries will have if COVID-19 pandemic ends in June. You might be wondering what is GDP?

Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. GDP can be calculated in three ways, using expenditures, production, or incomes.

Expert of IMF have compared this recession with the 2009 recession, this time situation is more concerning for most of the developed countries. But on the other hand, developing countries like India and China have less impact and will recover way faster than the rest of globe. Another positive thing is the speed of recovery of India will be faster than china as we are economy which is bases on consumption.