The International Monetary Fund´s latest report says the global economy will see cumulative losses of 10 trillion Euros due to the Covid -19 pandemic. This represents a fall of 4.9% in the global economy in 2020.
Some of the worst performers are in Europe whose Eurozone area is expected to fall by 10.2%. Both Spain and Italy dropping by 12.8% and France by 12.5%
The Bank of Spain had earlier reported that it´s own analysis of Spain´s economy could see the country´s economic output fall by up to 15.1% for the year.
The Washington-based IMF stated it would take two years of growth for the world to reach it´s pre-pandemic levels and recover from a “crisis like no other”.
The report continued that “over 75 percent of countries are now reopening” but “at the same time as the pandemic is intensifying in many emerging market and developing economies” which further complicates the speed and pattern of the global recovery which is likely to be “highly uncertain and the impact on sectors and countries uneven”.
The world´s largest economies are expected to see 2020 rates of:
- United States -8%
- China +1%
- Japan -5.8%
- Germany -7.8%
- United Kingdom – 10.2%