News:Politics
In this special episode of RANE's Essential Geopolitics podcast, host Fred Burton speaks to Michael Monderer. The IMF predicts the global economy will be in decline by about 2-3% this year - IF the coronavirus that has locked things down is contained in the first half.
"If the virus were to continue throughout the summer or come back next year, unemployment would hit 1/3 of the global workforce," says Monderer, "It's not out of the question that the US unemployment rate could go to over 20 or 30%. Those numbers are people. We've never had a downturn this sharp and this fast. Even the Great Depression, when there was a 25% percent loss of output , took 3 or 4 years to develop."
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