IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, World Economic Outlook shows
The International Monetary Fund projects the most severe global downturn since the Great Depression in the 1930s, with total losses of more than the combined annual output of Japan and Germany.
The fund has downgraded its baseline global economic growth forecast for this year to -3%, a reduction of 6.3 percentage points from January, today’s (April 14) World Economic Outlook report shows.
It acknowledges that there is “extreme uncertainty” surrounding the duration and intensity of the
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