Axar.az
UP
21 February 2020


IMF warns return of the Great Depression

Home page Economy
12 Punto 14 Punto 16 Punto 18 Punto

Kristalina Georgieva compares today with “roaring 1920s” and criticizes UK wealth gap.

Axar.az reports that the head of the International Monetary Fund has warned that the global economy risks a return of the Great Depression, driven by inequality and financial sector instability.

Speaking at the Peterson Institute of International Economics in Washington, Kristalina Georgieva said new IMF research, which compares the current economy to the “roaring 1920s” that culminated in the great market crash of 1929, revealed that a similar trend was already underway.

While the inequality gap between countries had closed in the last two decades, it had increased within countries, she said, singling out the UK for particular criticism.

“In the UK, for example, the top 10% now control nearly as much wealth as the bottom 50%. This situation is mirrored across much of the OECD (Organisation for Economic Co-operation and Development), where income and wealth inequality have reached, or are near, record highs.”

She added: “In some ways, this troubling trend is reminiscent of the early part of the 20th century – when the twin forces of technology and integration led to the first gilded age, the roaring 20s, and, ultimately, financial disaster.”

Date
2020.01.18 / 19:12
Author
Tural Azimzadeh
Comments
See also

China still continues to buy oil from Iran

Azerbaijan currency rates

Azerbaijan currency rates

Oil prices have risen again

Azerbaijan currency rates

Azerbaijan currency rates

Coronavirus poses risk to Germany economy

French parliament begins debating pension reform bill

The US suspends aviation engine exports to China

Libya loses 60 million per day due to embarg

Latest
 
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla