WASHINGTON: The global economy is expected to shrink by 3.0per cent during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
The IMF's forecasts assume that outbreaks of the novel coronavirus will peak in most countries during the second quarter and fade in the second half of the year, with business closures and other containment measures gradually unwound. IMF Managing Director Kristalina Georgieva said last week that some US$8 trillion in fiscal stimulus being poured in by governments to stave off collapse was not likely to be enough. She is expected to argue this week for more debt relief for the poorest countries.The global economy contracted 0.7per cent in 2009 - previously the worst downturn since the 1930s - according to IMF data.
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