IMF Issues Grim Report On The Global Economy

An exterior view of the building of the International Monetary Fund (IMF), with the IMG logo, is seen on March 27, 2020 in Washington, DC. Olivier Douliery

CNBC: IMF set to slash economic forecasts and warns of a crisis ‘unlike anything the world has seen’

* The IMF forecast in April a contraction of 3% for the global economy in 2020.
* It said the current crisis is “unlike anything the world has seen before.”
* The Fund noted that the services industry had been more severely impacted than manufacturing — which represents a change from previous crises, where a lack of investment hit manufacturing activity hardest.

The global economy is on track for a more significant contraction than the International Monetary Fund estimated back in April, the institution’s chief economist said Tuesday.

When European countries were in their first weeks of lockdown, the IMF said the global economy would suffer the worst financial crisis since the Great Depression of the 1930s. At the time, it forecast a contraction by 3% in 2020.

Now, despite some economies beginning to reopen, the Fund has warned that the decline could be even worse.

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WNU Editor: The IMF is predicting doom and groom. The IEA is predicting the opposite .... Global oil demand could hit record growth rate next year, IEA warns (The Guardian). U.S. retail sales are also booming .... US retail sales in record monthly rebound (BBC). So who is right?