«The COVID-19 pandemic differs markedly from past triggers of downturns.there is a de facto shutdown of a significant portion of the economy,» the Washington-based institution said in the report. More than 1.9 million people have been infected worldwide and over 120,000 people have been killed by the illness, according to a tally by Johns Hopkins University. The latest forecasts underscore the economic toll stemming from the highly contagious virus, which has prompted countries around the world to shutter businesses, cancel events and keep people at home in efforts to prevent its spread. The Japanese economy is projected to contract by 5.2 percent, the worst downturn since 2009 at the height of the global financial crisis triggered by the collapse of Lehman Brothers the previous year. The United States - now the epicenter of the pandemic that was first detected in China late last year - will see its economy shrink 5.9 percent in 2020, the worst contraction since 1946, according to the IMF's World Economic Outlook report. But the global economy could bounce back if the epidemic recedes in the second half of this year, with the IMF projecting 5.8 percent growth next year. ![]() ![]() The IMF slashed its projection by 6.3 percentage points from its estimate in January, when the spread of the coronavirus was just about to intensify in China.
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