Thread by @517design

IMF publishes quarterly long-read on world economic outlook. Title is scary: "The Great Lockdown: Worst Economic Downturn Since the Great Depression" blogs.imf.org/2020/04/14/the…

Magnitude & speed of collapse is unlike anything experienced in our lifetimes… we project global growth in 2020 to fall to -3% - a downgrade of 6.3% from 2020/01. This makes #GreatLockdown the worst recession since #GreatDepression and far worse than Global Financial Crisis

Assuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains, we project global growth in 2021 to rebound to 5.8 percent.

if the pandemic continues into 2021, it may fall next year by an additional 8 percent compared to our baseline scenario.

IMF deploys our $1 TRLN lending capacity to support vulnerable countries, including thru rapid-disbursing emergency financing & debt service relief to our poorest countries, & we are calling on creditors to do the same - I assume we'll come out of this w/ dept exceeding our GDP