According to the International Monetary Fund (IMF), COVID-19 crisis is likely to push the global economy into the worst recession since the Great Depression.
“It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” said IMF Economic Counsellor Gita Gopinath, in the latest World Economic Outlook report.
The U.S economy is predicted to contract by -5.9 percent.
However, IMF also mentioned that if the coronavirus pandemic subsides in the second half of 2020 and if effective policy actions are taken around the globe, the global economic growth will rebound to 5.8 percent next year.