IMF: Global Economy Will Shrink by 3 % This Year and Grow 5.8 % in 2021
OREANDA-NEWS. According to the International Monetary Fund (IMF), in 2020, global gross domestic product (GDP) will fall by 3 % or more because of the coronavirus epidemic. At the same time, next year it may grow by 5.8 %. This will happen under the baseline scenario, assuming that the epidemic will be overcome in the second half of 2020 and efforts will gradually bring a positive result.
As for certain countries and regions, the GDP of the USA in 2020 will fall by 5.9 %, and in 2021 it will grow by 4.7 %. The forecast for China’s growth for the current year is lowered from 6 % to 1.2 %. For 2021 it is increased by 3.4 percentage points, to 9.2 %. Eurozone’s GDP in 2020 will decline by 7.5 % and will grow 4.7 % next year. The IMF expects a drop in Russia’s GDP by 5.5 % in 2020. After that, it may demonstrate growth of 3.5 %.