The global economy is expected to contract 3% this year
International Monetary Fund predicts 2020 will be the worst year for the global economy since the Great Depression as a result of the coronavirus pandemic.
On Tuesday, the IMF said the global economy is likely to contract 3% this year, the deepest fall since the Great Depression in the 1930s and far worse than a 0.1% contraction in the year of the Great Recession. 2009 year.
The report, titled “World Economic Outlook” – the first such document issued by the IMF since the start of the coronavirus pandemic – says the global economy will start to grow in 2021. Growth is expected at 5.8%. However, the prospects for recovery depend on the duration of the pandemic and the impact that will have on financial and commodity markets..
In the latest forecast released in January, even before the coronavirus became a global threat, the International Monetary Fund expected the global economy to grow 3.3% in 2020..
Measures taken by authorities around the world to combat the spread of the virus – including restrictions on movement in cities and air flights, forced closures of companies – have led to a widespread stop of trade.
The eurozone is expected to contract 7.5% this year, the US 5.9%, Japan 5.2% and the UK 6.5%.
At the same time, the only country where the economy will grow this year will be China, in which the first outbreak of coronavirus began. China’s economy is expected to grow 1.2% in 2020. This is due to the fact that China starts to open earlier than all other countries.
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