The introduction of large-scale and quick shutdown measures to contain the coronavirus pandemic have plunged the global economy into serious contraction. According to World Bank forecasts, the global economy may shrink by 5.2%, becoming the deepest recession since World War II. This was stated in the World Bank report.
Economic activity among advanced economies is expected to decline by 7% in 2020. The market and developing economies are expected to shrink by 2.5%, their first contraction as a group in at least sixty years. Per capita incomes will decline by 3.6%.
A downside scenario could lead the global economy to shrink by as much as 8% this year.
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