The World Bank said on Monday, the coronavirus will cause global economic output to contract by 5.2% in 2020.

  • The World Bank said that advanced economies are expected to shrink 7.0% in 2020
  • Emerging market economies will contract 2.5%, their first since aggregate data became available in 1960.
  • On a per-capita GDP basis, the global contraction will be the deepest since 1945-46 as World War Two spending dried up.
  • The updated forecasts show more damage to the economy than estimates released in April by the International Monetary Fund, which predicted a 3.0% global contraction in 2020.
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