IMF: Global Economy Worst Since 1930s

The Washington Post

The International Monetary Fund says the coronavirus pandemic is causing the worst economic downturn since the Great Depression of the 1930s.

In its annual world economic outlook, the IMF forecasts that the global economy will shrink by 3 percent this year before rebounding in 2021. Over the next two years, output will be $9 trillion less than expected before the crisis, according to Gita Gopinath, the fund’s chief economist.

The IMF says the U.S. economy will contract by 5.9 percent this year and grow by 4.7 percent next year.

“This makes the Great Lockdown the worst recession since the Great Depression and far worse than the global financial crisis,” said Gopinath.

Although the IMF expects a punishing global recession, the downturn will not be as severe as in the 1930s when the global economy shrank by an estimated 10 percent, she said.

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