Before COVID-19, the global economy stood at $88 trillion. But the pandemic has seen growth forecasts revised downwards and economies go into recession. In 2019, the United States had the biggest slice of the global economy pie – and the top 10 economies accounted for two-thirds of global GDP. This year has seen global growth disrupted by the COVID-19 pandemic, with many of the world’s biggest economies in recession. And the recovery will take longer than economists first thought. In June, the International Monetary Fund’s (IMF) World Economic Outlook projected global growth at -4.9% in 2020, 1.9 percentage points below the April forecast. Next year, the IMF projects global growth at 5.4% – 6.5 percentage points lower than the pre-COVID-19 projections of January 2020. ...read more...
SourceWorld Economic Forum