IMF Projects Global Economic Contraction in 2020

Economy

According to the IMF’s World Economic Outlook released today (14 April), the global economy will contract by -3.0% in 2020, a more severe drop than in the 2008-09 financial crisis. The IMF’s baseline scenario assumes both the pandemic and containment measures will ease in the second half of this year, following which the global economy is projected to grow by 5.8% in 2021.