The global economy will likely suffer the worst financial crisis since the 1930s-era Great Depression due to COVID-19 pandemic disruptions and shutdowns, International Monetary Fund officials forecast on Tuesday.
IMF said in its latest World Economic Outlook it expects the global economy to contract by 3% in 2020, a huge departure from its forecast in January of 3.3% growth in global GDP for this year. That would make the economic devastation from coronavirus-fueled lockdowns greater even than the damage from the 2008 global financial crisis.
