Essential Geopolitics: Global Slowdown and U.S. Unemployment
About this episode
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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