IMF projects global economy to contract by 4.9%

The International Monetary Fund (IMF) has projected a deeper global recession in 2020 with a contraction of 4.9% compared to its previous forecast.

Advanced economies are expected to contract by 8%, while emerging market and developing economies will see a decline of 3%. The IMF predicts a partial recovery of 5.4% growth in 2021, down from earlier projections.

IMF Chief Economist Gita Gopinath emphasized that this is the worst recession since the Great Depression, with no country spared from the impact.