Our Beacon Forum

Covid-19 leading to Great Depression
By:Jimmy Jamshaid, TX
Date: Saturday, 21 November 2020, 11:19 pm

Covid-19 pandemic could bring economic crisis on scale of ‘Great Depression,’ Putin tells G20 – warns of poverty & social disorder.

Russian President Vladimir Putin has warned that the coronavirus pandemic could lead to a global economic collapse that would have a significant impact on the lives of millions of people across the world.

Speaking at the virtual G20 summit of international leaders on Saturday, Putin warned that, “despite some positive signals, the main risk is still the so-called stagnant mass unemployment with a subsequent increase in poverty and social disorder.”

“The coronavirus epidemic, the global lockdown and the freezing of economic activity launched a systemic economic crisis, which the modern world has not known since the Great Depression,” he added.

Putin also lavished praise on the “massive contribution” of the US, which, along with other countries, has joined together to “create a stimulus package for the world economy to the tune of $12 trillion.” Mainly put forward by large economies, including Russia’s, the stimulus is thought to have played a role in buoying fragile world markets.