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IMF: Global Economy to Take Biggest Hit Since Great Depression

VOA News

   WASHINGTON - The global economy will experience its worst year since
   the Great Depression because of the coronavirus pandemic, according to
   projections from the International Monetary Fund.

   The IMF said Tuesday the world economy will likely contract 3% this
   year, the deepest dive since the Great Depression in the 1930's and far
   worse than the 0.1% contraction in the Great Recession year of 2009.

   The IMF, which issued its first World Economic Outlook report since the
   December outbreak of the coronavirus, said it expected the global
   economy to rebound in 2021 with 5.8% growth.

   The IMF, however, says a potential rebound is linked to how long the
   pandemic exists and its impact on financial and commodity markets.

   In its last forecast in January, before the coronavirus emerged as a
   global threat, the lending institution predicted a moderate 3.3% growth
   rate this year.

   The COVID-19 pandemic has since prompted lockdowns, forced business
   closures as well as travel restrictions that quickly halted commerce
   throughout much of the world.

   The report predicts contractions this year of 7.5% in 19 European
   countries that share the euro currency, along with 5.9% in the United
   States, 5.2% in Japan and 6.5% in Britain.

   In China, where the outbreak began, the IMF expects the world's
   second-largest economy to expand by 1.2% this year as it begins to
   reopen ahead of other countries.

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