The International Monetary Fund will release its latest edition of the World Economic Outlook, with the globe currently reeling from the new coronavirus pandemic, which has led governments to shut down chunks of the economy to stem the spread.
Growth for this year was previously expected to come in at 3.3 per cent, but all signs point to a sharp revision downward.
IMF managing director Kristalina Georgieva warned of a broad-based global recession, as China, the United States and Europe experienced widespread shutdowns. Most countries will see negative growth of per-capita income, she said last week.
“We anticipate the worst economic fallout since the Great Depression,” she said.
Much of the economic outlook is plagued by uncertainty, as the course of the virus – especially its duration and the development of treatment options and vaccines – will determine how governments are able to unwind severe restrictions on travel and business.
If the pandemic fades this year, the world could see a partial recovery in 2021. (dpa)