Global Economy Estimated to Shrink 4.9 Pct in 2020: IMF

Economy

Washington, June 24 (Jiji Press)--The International Monetary Fund said Wednesday that the global economy is projected to shrink 4.9 pct in 2020, worse than its previous forecast of a 3.0 pct drop, released in April.

The IMF estimates that the spread of the novel coronavirus is unlikely to be brought under control in 2020 and that the pace of economic recovery will be slower than the previous projections.

The global economy is expected to experience its worst recession since the Great Depression in the 1930s, according to the IMF's latest World Economic Outlook report.

The IMF also revised down its global economic growth forecast for 2021 by 0.4 percentage point to 5.4 pct.

According to the IMF, the global economy is estimated to have shrunk some 10 pct during the Great Depression.

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