Growth Gap

The IMF says in 2020 global GDP shrank by a staggering 4.3% (a decline only previously experienced during the Depression and both World Wars), or -$3.6 trillion. Before Covid-19 hit, the IMF expected 2020 global GDP to grow by 2.5%, or $2.1 trillion. The difference between what was expected to happen in 2020 and what happened is $5.7 trillion, or 6.6% of global GDP, more than the GDP of Japan!