AP and Hundreds of Outlets Feature Eric LeCompte on the Global Economy's Warning Signs

The IMF reported that the effects of the Coronavirus crisis threatens to leave long-lasting scars on the global economy. The Associated Press has featured Eric LeCompte's thoughts on the gravity of the situation and how this will affect developing nations. Read an excerpt below, and click here for the full story. 

IMF warns global economy could be permanently scarred

The fall meetings of the IMF and its sister lending organization, the World Bank, were held virtually against a grim backdrop of the damage the pandemic has inflicted on the world. In its economic outlook, the IMF forecast that global growth would shrink 4.4% this year, which would mark the worst downturn since the Great Depression. And the World Bank forecast that the pandemic could send an additional 114 million people into extreme poverty, defined as living on less than $1.90 a day.

Eric LeCompte, executive director of the international aid group Jubilee USA Network, said more debt relief and and other steps must be taken.

“Wealthy countries, who are making decisions for the entire world about the crisis, are more insulated from the extreme shocks,” LeCompte said. “Nearly 90% of all global stimulus was spent in wealthy countries and less than 3% in developing countries.”

Read more here.