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Home Uncategorized Coronavirus updates: IMF says economic fallout will be worst since Great Depression

Coronavirus updates: IMF says economic fallout will be worst since Great Depression

Here’s how the news is developing. All times Eastern. Please refresh this page for updates.

5:35 a.m.: IMF anticipates worst economic fallout since the Great Depression.

In a preview of its World Economic Outlook event next week, the International Monetary Fund says the world should be prepared for the worst economic fallout since the Great Depression due to the novel coronavirus.

“Today we are confronted with a crisis like no other. COVID-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory,” Kristalina Georgieva, IMF managing director, said in a statement Thursday.

Three months ago, the IMF said it expected at least 160 countries would see positive per capita income growth in 2020. As of Thursday, the organization now predicts over 170 countries will experience negative per capita income growth this year.

“The bleak outlook applies to advanced and developing economies alike. This crisis knows no boundaries. Everybody hurts,” Georgieva said. “In fact, we anticipate the worst economic fallout since the Great Depression.”

Tune into ABC at 1 p.m. ET and ABC News Live at 4 p.m. ET every weekday for special coverage of the novel coronavirus with the full ABC News team, including the latest news, context and analysis.

In the U.S., more than 16 million people have filed for unemployment insurance in just three weeks, according to data released Thursday by the U.S. Department of Labor.

The 2020 World Economic Outlook event is scheduled for Tuesday, April 14.

4:25 a.m.: FDA, FTC send warning to Infowars

The Food and Drug Administration, along with the Federal Trade Commission has sent a notice to Alex Jones’ Infowars website to stop selling products it claims can help “mitigate, prevent, treat, diagnose, or cure COVID-19.”

Officials not only warned against selling alleged treatments for coronavirus, but it also asked consumers not to use the products since none are approved by the FDA to treat COVID-19.

Among the items the FDA said the conspiracy theory website was selling include, “Superblue Silver Immune Gargle,” “SuperSilver Whitening Toothpaste,” “SuperSilver Wound Dressing Gel” and “Superblue Fluoride Free Toothpaste.” The products were sold on the website and promoted on Infowars videos, the FTC letter said.

The FDA has sent 26 warning letters to companies and organizations claiming to have COVID-19 treatments since March 6. Of those, 14 have been labeled as corrected.

While there are trials running across the world, there is no known treatments or vaccines to cure or prevent COVID-19.

What to know about coronavirus:

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