Weekly Economic and Financial Commentary – April 20, 2020
In its latest World Economic Outlook, the IMF forecast global GDP to contract by 3% in 2020, the worst annual performance since the Great Depression of the 1930s. It expects contraction in both developed (-6.1%) and emerging markets (-1%), unlike the 2008-09 financial crisis when emerging markets still managed to record some growth.
Among major economies the IMF expects the US to contract by 5.9%, the Eurozone by 7%, the UK by 6.5% while negligible growth in China and India (1.2% and 1.9% respectively) muted the scale of the global contraction.
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