Global economy to contract 3% in 2020 due to COVID-19: WEO

Global economy to contract 3% in 2020 due to COVID-19: WEO

Business Global economy to contract 3% in 2020 due to COVID-19: WEO. Global economy to contract 3% in 2020 due to COVID-19: WEO. World now encounters a grim reality, says IMF. The global economy is expected to contract sharply by 3% in 2020 due to the coronavirus (Covid-19) pandemic that has a worse impact on economic activity than the 2008 financial crisis, the International Monetary Fund (IMF) said over its World Economic Outlook (WEO) on Tuesday.. In a baseline scenario, which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound, the global economy is projected to grow by 5.8% in 2021 as economic activity normalises, helped by policy support, the report added..