The Pandemic’s Impact on the Global Economy
The IMF projects a global growth rate of –3.0 percent in 2020, a downgrade of 6.3 percentage points from its January 2020 forecast. On the assumptions that the pandemic fades in the second half of 2020, allowing containment efforts to be gradually scaled back and policy actions are effective in preventing widespread firm bankruptcies, extended job losses and system-wide financial strains, the IMF forecasts global growth to rebound to 5.8 percent in 2021. Even if these assumptions prove to be accurate, the level of GDP at the end of 2021 in both advanced and emerging markets and in developing economies is expected to remain below the pre-virus, January 2020 baseline.
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Last Updated on May 25, 2020 by Ramin Seddiq