{"id":52474,"date":"2020-04-14T08:32:21","date_gmt":"2020-04-14T13:32:21","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52474"},"modified":"2020-04-14T08:32:25","modified_gmt":"2020-04-14T13:32:25","slug":"oil-tumbles-after-imf-slashes-global-growth-forecast","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52474","title":{"rendered":"Oil Tumbles After IMF Slashes Global Growth Forecast"},"content":{"rendered":"\n

Oil Tumbles After IMF Slashes Global Growth Forecast<\/a><\/h3>\n\n\n\n

As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s.<\/p>\n\n\n\n

\u201cThis crisis is like no other,\u201d<\/strong><\/em> Gita Gopinath, the IMF\u2019s chief economist, wrote in a foreword to its semi-annual report.<\/p>

\u201cLike in a war or a political crisis, there is continued severe uncertainty about the duration and intensity of the shock.\u201d<\/p><\/blockquote>\n\n\n\n

As Bloomberg notes, The International Monetary Fund predicted the \u201cGreat Lockdown\u201d recession would be the steepest in almost a century<\/strong> and warned the world economy\u2019s contraction and recovery would be worse than anticipated if the coronavirus lingers or returns.<\/p>\n\n\n\n

In its first World Economic Outlook report since the spread of the coronavirus and subsequent freezing of major economies, the IMF estimated on Tuesday that\u00a0global gross domestic product will shrink 3% this year.<\/strong><\/p>\n\n\n\n

That compares to a January projection of 3.3% expansion and would likely mark the deepest dive since the Great Depression.<\/strong> It would also dwarf the 0.1% contraction of 2009 amid the financial crisis.<\/p>\n\n\n\n

Of course, there is the hockey-stick recovery with IMF anticipating growth of 5.8% next year,<\/strong> which would be the strongest in records dating back to 1980, it cautioned risks lay to the downside. <\/strong><\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

The grim projections are a stark reversal from the IMF\u2019s outlook less than two months ago <\/strong>(on Feb. 19, the fund told Group of 20 finance chiefs that \u201cglobal growth appears to be bottoming out.\u201d)… and now…<\/em><\/p>\n\n\n\n

\u201cMany countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital-flow reversals and a collapse in commodity prices,\u201d <\/strong>the IMF said.<\/p>

<\/a><\/p><\/blockquote>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil Tumbles After IMF Slashes Global Growth Forecast As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. \u201cThis crisis is like no other,\u201d Gita Gopinath, the IMF\u2019s chief economist, wrote in a foreword to its semi-annual report. \u201cLike […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[434,595,596,1264,27787],"class_list":["post-52474","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-international-monetary-fund","tag-oil-production","tag-oil-supply","tag-recession","tag-zeohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52474"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52474\/revisions"}],"predecessor-version":[{"id":52475,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52474\/revisions\/52475"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}