'Great Lockdown' to rival Great Depression with 3% hit to global economy, says IMF
by Larry Elliott Economics editor from Economics | The Guardian on (#524C4)
Latest World Economic Outlook describes shock of coronavirus pandemic as 'like no other'
The International Monetary Fund has slashed its forecasts for global growth in response to the Covid-19 pandemic and warned of a slump in output this year unparalleled since the Great Depression of the 1930s.
In its half-yearly forecasts, the IMF said the "Great Lockdown" would cause a dramatic drop in activity that would be far more painful than the recession that followed the banking meltdown of the late 2000s.
Gross domestic product (GDP) measures the total value of activity in the economy over a given period of time.
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