The International Monetary Fund further downgraded expectations for the global economy in 2020 and 2021, projecting negative growth for all regions of the world for the first time in the history of its forecasts.
The IMF on Wednesday released an update of its World Economic Outlook, in which it projected the global economy contracting by 4.9% in 2020, a downward revision from its April forecast of a 3% contraction. A -4.9% print on global output is now the worst in the WEO’s history.