Expert: Pandemic-triggered crisis may grow into new Great Depression

The coronavirus pandemic will lead to worldwide economic losses exceeding those caused by the recession a decade ago. The scope of the current crisis is comparable only to effects of the Great Depression of the 1930s, expert on financial markets Kyle Shostak said.

According to the economist, a forecast by the International Monetary Fund saying the global GDP is expected to fall indicates that the new crisis is going to be severe, with the global economy expected to shrink by 4.9%, the Prime business news agency reported.

The fall will be more drastic than the overall losses caused by the 2008-2010 financial crisis, the economist said adding that the estimated damage to the global economy may amount to $12 tln in 2020-2021.   

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