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COVID-19 pandemic will make 2020 the worst year for the economy since the Great Depression, IMF says

COVID-19 pandemic will make 2020 the worst year for the economy since the Great Depression, IMF says
Posted at 6:00 AM, Apr 14, 2020
and last updated 2020-04-14 12:08:52-04

WASHINGTON — 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.

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.