The International Monetary Fund has finally spoken — and it isn't pretty.
In the first World Economic Outlook report since the COVID-19 coronavirus pandemic began, the IMF estimated Tuesday that the global GDP will shrink 3 percent this year, far beyond the 0.1 percent contraction in 2009 amid the financial crisis. Like many other forecasters, though, the IMF thinks there will be a significant rebound in 2021, pegging its prediction at 5.8 percent. The U.S., meanwhile, is expected to see its GDP fall by nearly 6 percent, and then jump back up by 4.7.
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