5 November 2020 — Tricontinental
Greetings from the desk of the Tricontinental: Institute for Social Research.
In mid-October, the International Monetary Fund (IMF) released its World Economic Outlook report, which offered some dizzying data. For 2020, the IMF estimates that the global Gross Domestic Product (GDP) will decline by 4.4%, while in 2021 the global GDP will rise by 5.2%. Stagnation and decline will define the economic activity in both Europe and North America, as well as in large states such as Brazil and India. With a second wave of coronavirus infections in Europe and with the first wave not having been controlled in Brazil, India, and the United States, it appears that these IMF estimates might sink further downwards. Continue reading