IMF: Global economy will suffer worst year since Depression
A man rides a bicycle as a car make its way on an empty road near Sule pagoda in downtown Yangon, Myanmar, Tuesday, April 14, 2020. [AP/ Thein Zaw]
Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says.
The IMF expects the global economy to shrink 3% this year before rebounding in 2021 with 5.8% growth. It acknowledges, though, that prospects for a rebound next year are clouded by uncertainty.
UN chief says COVID-19 is worst crisis since World War II
The IMF's assessment represents a breathtaking downgrade. In its previous forecast in January, before COVID-19 emerged as a grave threat, it had forecast moderate global growth of 3.3% this year.
But measures to contain the pandemic have suddenly brought economic activity to a near-standstill across much of the world.