Revision of global growth
On April 6th 2020 the International Monetary Fund drastically revised their global growth predictions for 2020 and beyond. It noted that the COVID-19 pandemic was inflicting high and rising human costs worldwide, and the necessary protection measures were severely impacting economic activity.
As a result of the pandemic, the global economy was projected to contract sharply by –3 percent in 2020, much worse than during the 2008/ 2009 financial crisis.
In a baseline scenario which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound, the global economy is projected to grow by 5.8% in 2021 as economic activity normalizes, helped by policy support.
This information was published in the document ‘World Economic Outlook, April 2020: The Great Lockdown’.
The World Economic Outlook (WEO) database contains selected macroeconomic data series from the statistical appendix of the World Economic Outlook report, which presents the IMF staff’s analysis and projections of economic developments at the global level, in major country groups and in many individual countries. The WEO is released in April and September/October each year.
You can use this database to find data on national accounts, inflation, unemployment rates, balance of payments, fiscal indicators, trade for countries and country groups (aggregates), and commodity prices whose data are reported by the IMF. To see the April WEO projections, click here.