‘Oh God!’ Elon Musk shares terrifying picture depicting the world economy

‘Oh God!’ Elon Musk shares terrifying picture depicting the world economy

SpaceX founder Elon Musk posted an image of an astronaut on the moon looking out to the atmosphere and an asteroid in flames. Alongside the space traveller is a speech bubble saying: “Oh God, The economy!”

Mr Musk, 48, appeared to be referring to the global economic crisis as the coronavirus outbreak spreads panic across the world.

It comes after the SpaceX and Tesla chief vowed to join the fight against coronavirus.

The South African billionaire and tech mogul said his two companies will manufacture ventilators to bolster hospitals overrun with coronavirus patients.

This is not the first time Mr Musk has been outspoken on the coronavirus crisis.

The SpaceX founder sparked a frenzy when he suggested a COVID-19 cure.

Mr Musk shared an online study on the supposed effectiveness of chloroquine as a “coronavirus treatment”.

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Yesterday, the head of the International Monetary Fund said the pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression.

IMF Managing Director Kristalina Georgieva painted a terrifying picture of the social and economic impact of the new coronavirus than even a few weeks ago.

She noted governments had already undertaken fiscal stimulus measures of $8 trillion, but more would likely be needed.

She said the crisis would hit emerging markets and developing countries hardest of all, which would then need hundreds of billions of dollars in foreign aid.

Speaking ahead of next week’s IMF and World Bank Spring Meetings, she said: “Just three months ago, we expected positive per capita income growth in over 160 of our member countries in 2020.

“Today, that number has been turned on its head: we now project that over 170 countries will experience negative per capita income growth this year.”

The IMF said that if the pandemic faded in the second half of the year, it expected a partial recovery in 2021.

But Ms Georgieva warned the situation could also get worse.

She said: “I stress there is tremendous uncertainty about the outlook: it could get worse depending on many variable factors, including the duration of the pandemic,” she said.

The IMF, which has 189 member countries, will release its detailed World Economic Outlook forecasts on Tuesday.

Published at Fri, 10 Apr 2020 10:07:00 +0000