Global economy to shrink by 3 per cent during 2020: IMF amid coronavirus crisis
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The International Monetary Fund said on Tuesday that the global economy is expected to shrink by 3 per cent during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s. However, IMF predicted a partial rebound in 2021, with the world economy growing at a 5.8% rate. It said a second outbreak in 2021 could cause a reduction of 5 to 8% in global GDP.