The International Monetary Fund sharply lowers its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts the global economy will shrink 4.9%.
FILE - In this Feb. 14, 2020, file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany. The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago.
For the United States, the IMF predicts that the nation’s gross domestic product — the value of all goods and services produced in the United States — will plummet 8% this year, even more than its April estimate of a 5.9% drop. This, too, would be the worst such annual decline since the U.S. economy demobilized in the aftermath of World War II.The IMF issued its bleaker forecasts Wednesday in an update to the World Economic Outlook it released in April.
For 2021, the IMF envisions a rebound in growth, so long as the viral pandemic doesn’t erupt in a second major wave. It expects the global economy to expand 5.4% next year, 0.4 percentage point less than it did in April. In its updated forecast, the IMF downgraded growth for all major countries. For the 19 European nations that use the euro currency, it envisions a decline in growth this year of 10.7% — more than the 8% drop it predicted in April — followed by a rebound to growth of 6% in 2021.
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