The Fund projects an annual percentage decline in gross domestic product (GDP) of -3.4 percent.
According to the April World Economic Outlook, the IMF predicts that global growth in 2020 will fall to -3 percent, down 6.3 percentage points from January 2020, a major overhaul over a very short period of time.
For the first time since the Great Depression, both advanced economies and emerging and developing economies are in recession.
According to the IMF, for this year, growth in advanced economies is forecast at -6.1%, while emerging and developing market economies with normal growth levels well above advanced economies are also expected to have growth rates. negative growth of -1.0% in 2020, and -2.2% if we exclude China.
Per capita income is expected to decline in more than 170 countries, with advanced economies and emerging and developing economies expected to partially recover in 2021, according to the report.
The IMF said it was expanding its $ 1 trillion lending capacity to support vulnerable countries, through fast-disbursing emergency financing and debt service relief to poorer member countries.
“We call on official bilateral creditors to do the same.”
The coronavirus pandemic has caused enormous loss of life.
As countries implement the quarantines and social distancing practices necessary to contain the pandemic, the world has been placed in a Big Lockdown, the IMF said.
The scale and speed of the collapse of activity that followed is unlike anything that has been experienced in the lives of many nations.
ICIR reported that the Central Bank of Nigeria (CBN) announced six initial policy measures to contain the impacts of COVID-19 on the Nigerian economy.
The IMF has advised policymakers to plan for the recovery as well, because as containment measures are put in place, policies should quickly shift towards supporting demand, encouraging hiring. businesses and the consolidation of private and public sector balance sheets to support the recovery.