The International Monetary Fund (IMF) predicts a 4.4% decline in growth in 2020 as the global economy struggles to recover from the pandemic-induced recession and experiences its worst collapse in nearly a century. By comparison, the international economy contracted by a far smaller 0.1% after the devastating financial crisis of 2008. The IMF’s forecast for 2020 in its latest World Economic Outlook represents an upgrade of a 0.8% point from its previous forecast in June.
IMF posted on Twitter that “October 2020 World Economic Outlook. Global growth is projected at −4.4% in 2020 – an upward revision of 0.8% compared to our June update – and 5.2% in 2021, a little lower than in June. Read the latest #WEO. http://ow.ly/GMLN50BIfkz”
Data source: Africa news