Gloomy Growth
07/09/2020 |
The just-released June IMF growth projections are calling for 2020 global economic activity to contract by 4.9%, or $4.3 trillion, compared to a forecasted contraction of 3% in the April report. By comparison, in 2009, during the last global recession, GDP declined by 0.1%. In 2020, US GDP is now expected to shrink 8% compared to 5.9% in April. European GDP is projected to decline by 10.2% vs. 7.5%.