Last updateThu, 09 Jul 2020 3pm

Manufacturing & The Economy

IMF: U.S. Economy to Shrink 8.0% in 2020

Global growth is projected at –4.9% in 2020, 1.9% below the International Monetary Fund’s (IMF) April 2020 World Economic Outlook forecast. For both the U.S. and advanced economies in general, the IMF predicts -8.0% growth. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. In 2021 global growth is projected at 5.4%. Overall, this would leave 2021 GDP some 6.5% lower than in the pre-COVID-19 projections of January 2020. The adverse impact on low-income households is particularly acute, imperiling the significant progress made in reducing extreme poverty in the world since the 1990s.

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