Under the assumption that the Covid-19 pandemic and the required containment measures are implemented and peak in the second quarter of the year, the International Monetary Fund (IMF) predicts global growth will contract by 3% this year. This is a downgrade of 6.3 percentage points from January 2020, a major revision for a very short period of time, IMF economist Gita Gopinath lamented in a webcast on April 14. This, she said, made “the great lockdown” the worst recession since the great depression, and “far worse” than the global financial crisis of 2008/9.
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