WASHINGTON - The global economy is projected to contract by 3.
0 percent in 2020 from a year before due to the coronavirus pandemic, a far more severe setback than during the 2008-2009 financial crisis, the International Monetary Fund said Tuesday.
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. 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.
Even with a sharp rebound over the remainder of the year and sizable fiscal support, the world's second largest economy is projected to grow at a subdued 1.2 percent in 2020.For 2021, growths for both the United States and the eurozone are projected at 4.7 percent, while China is expected to hit 9.2 percent growth and Japan 3.0 percent, with all figures higher than in the January forecast.
The IMF said the "immediate priority" is to contain the fallout from the COVID-19 outbreak, especially by increasing health care expenditures.
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