WASHINGTON : The International Monetary Fund downgraded its outlook for the coronavirus-ravaged world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago.The fund said Wednesday it now expected global gross domestic product to shrink 4.9% this year, more than the 3% predicted in April.
For 2021, the fund forecast growth of 5.4%, down from 5.8%.Having already warned of the biggest slump since the Great Depression, the IMF said its increased pessimism reflected scarring from a larger-than-anticipated supply shock during the earlier lockdown, in addition to the continued hit to demand from social distancing and other safety measures.