Essential Geopolitics: COVID-19, A Global Slowdown and U.S. Unemployment
Apr 16, 2020 | 16:42 GMT
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In this special episode of Stratfor's Essential Geopolitics podcast, host Fred Burton speaks to Michael Monderer.
The IMF predicts the global economy will decline by about 2-3% this year. That is, if the coronavirus that has locked things down is contained in the first half of 2020.
"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 U.S. 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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