IMF says recession will be deeper in 2020 than expected

The International Monetary Fund says the recession will be deeper in 2020 and the recovery slower in 2021 than expected in April forecast.

According to Managing Director Kristalina Georgieva, “we have downgraded our growth projection for the world economy - a contraction of 4.9 percent for 2020”.

“On the forecast, today we released our latest assessment and have downgraded our growth projection for the world economy - a contraction of 4.9 percent for 2020. The recession will be deeper in 2020 and the recovery slower in 2021 than expected in our April forecast. We project a cumulative loss to the global economy of over $12 trillion over two years (2020-21)—and 10 percent of this total loss (about $1.2 trillion) stems from Latin America”, said Kristalina Georgieva.