Global economy would shrink by 3 percent in 2020 amid the global coronavirus pandemic - IMF
The International Monetary Fund headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019
"It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago," stressed the report. Pointing to the extreme uncertainty surrounding the global growth forecast, the report underlined that many countries faced a multi-layered crisis comprising of health shocks, domestic economic disruptions, plummeting external demand, capital flow reversals and a collapse in commodity prices.
The report called on countries to urgently work together to slow the spread of the virus and develop a vaccine and therapies to counter the disease. The report predicted that advanced economies – especially those experiencing widespread outbreaks and deploying containment measures – will contract this year, including the US , Japan , UK , Germany , France , Italy and Spain .
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