The speed and severity of the economic downturn has been far greater than the last recession, in 2008–09. The IMF forecasts that world GDP will shrink by almost 5% this year. Growth is coming back as the lockdown eases.
Your morning coffee briefing from TFG. Countries around the world continue to ease lockdown restrictions. The collapse in the oil price and shrinking demand has sent inflation rates tumbling. Governments in the West are spending and borrowing on a vast scale as they counter the effects of the COVID-19 pandemic.