The International Monetary Fund predicted the "Great Lockdown" recession would be the steepest in almost a century and warned the world economy's contraction and recovery would be worse than anticipated if the coronavirus lingers or returns.
In its first World Economic Outlook report since the spread of the coronavirus and subsequent freezing of major economies, the IMF estimated on Tuesday that global gross domestic product will shrink 3 percent this year.
That compares to a January projection of 3.3 percent expansion and would likely mark the deepest dive since the Great Depression. It would also dwarf the 0.1 percent contraction of 2009 amid the financial crisis.
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