{ "title": "World Economic Outlook, April 2020: The Great Lockdown", "publication": "World Economic Outlook, April 2020", "sourceUrl": "https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020", "canonical": "https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020", "overlayPath": "/en/publications/weo/issues/2020/04/14/weo-april-2020/index.md", "summary": "The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity.", "sections": [ { "heading": "Global projection and scenario", "content": "- The global economy is projected to contract sharply by –3 percent in 2020.\n- Baseline scenario assumption: the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound.\n- Under the baseline scenario, the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support.\n- The risks for even more severe outcomes are substantial." }, { "heading": "Nature and scale of the shock", "content": "- The COVID-19 pandemic is inflicting high and rising human costs worldwide.\n- Necessary protection measures are severely impacting economic activity.\n- The projected 2020 contraction (–3 percent) is much worse than during the 2008–09 financial crisis." }, { "heading": "Policy implications and recommended actions", "content": "- Effective policies are essential to forestall the possibility of worse outcomes.\n- Measures to reduce contagion and protect lives are framed as an important investment in long-term human and economic health.\n- Because the economic fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically.\n- Internationally, strong multilateral cooperation is essential to:\n - Overcome the effects of the pandemic.\n - Help financially constrained countries facing twin health and funding shocks.\n - Channel aid to countries with weak health care systems." }, { "heading": "Advanced economies and fiscal context", "content": "- Advanced economies entered the crisis with interest rates at historical lows and public debts, on average, higher than they had been over the past 60 years.\n- They will emerge from the crisis with even higher public debts.\n\nSource: World Economic Outlook, April 2020: The Great Lockdown\n\n---\n\n Content in this bundle\n\n- Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers\n - Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses\n - Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 4 [ Annex]\n - [CHAPTER 4 [ Annex] (Markdown version)](/-/media/files/publications/weo/2020/april/english/annexch4.pdf.md){rel=\"alternate\" type=\"text/markdown\"}\n - [CHAPTER 4 [ Annex] (PDF)](/-/media/files/publications/weo/2020/april/english/annexch4.pdf){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1\n - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2\n - Chapter 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3\n - Chapter 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 4\n - Chapter 4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- dataset overview\n - dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - dataset overview (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Dataset overview — WEO Chapter 2 Apr. 2020\n - Dataset overview — WEO Chapter 2 Apr. 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Dataset overview — WEO Chapter 2 Apr. 2020 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Dataset overview: WEO Chapter 3 Apr. 2020\n - Dataset overview: WEO Chapter 3 Apr. 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Dataset overview: WEO Chapter 3 Apr. 2020 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Weoapril 2020ch4\n - Weoapril 2020ch4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Weoapril 2020ch4 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Executive Summary\n - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Foreword\n - Foreword (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Foreword (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020\n - IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Statsappendixb\n - Statsappendixb (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Statsappendixb (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020\n - IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Blog: Migration to Advanced Economies Can Raise Growth\n- Blog: Making Economies More Resilient to Downturns\n- Transcript of the Press Briefing on the April 2020 World Economic Outlook\n- Blog by Gita Gopinath: The Great Lockdown: Worst Economic Downturn Since the Great Depression\n- https://www.imf.org/-/media/images/imf/publications/weo/2019/october/weoarrows-oct2019.png\n- https://www.imf.org/-/media/images/imf/publications/weo/2020/april/arrows.png\n- https://www.imf.org/-/media/images/imf/publications/weo/2020/april/weomap.png\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n\nSource: https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020" } ], "bullets": [ "[Markdown version](/en/publications/weo/issues/2020/04/14/weo-april-2020/index.md)", "[Structured JSON version](/en/publications/weo/issues/2020/04/14/weo-april-2020/index.json)", "[Bundle manifest](/en/publications/weo/issues/2020/04/14/weo-april-2020/bundle-manifest.json)", "Authors: Gita Gopinath: The Great Lockdown: Worst Economic Downturn Since the Great DepressionLoading component...Loading component...Growth Projections", "Published: April 6, 2020", "The global economy is projected to contract sharply by –3 percent in 2020.", "Baseline scenario assumption: the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound.", "Under the baseline scenario, the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support.", "The risks for even more severe outcomes are substantial.", "The COVID-19 pandemic is inflicting high and rising human costs worldwide.", "Necessary protection measures are severely impacting economic activity.", "The projected 2020 contraction (–3 percent) is much worse than during the 2008–09 financial crisis.", "Effective policies are essential to forestall the possibility of worse outcomes.", "Measures to reduce contagion and protect lives are framed as an important investment in long-term human and economic health.", "Because the economic fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically.", "Internationally, strong multilateral cooperation is essential to:", "Advanced economies entered the crisis with interest rates at historical lows and public debts, on average, higher than they had been over the past 60 years.", "They will emerge from the crisis with even higher public debts.", "**Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers**", "**Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses**", "**CHAPTER 4 [ Annex]**", "**Chapter 1**", "**Chapter 2**", "**Chapter 3**", "**Chapter 4**", "**dataset overview**", "**Dataset overview — WEO Chapter 2 Apr. 2020**", "**Dataset overview: WEO Chapter 3 Apr. 2020**", "**Weoapril 2020ch4**", "**Executive Summary**", "**Foreword**", "**IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020**", "**Statsappendixb**", "**IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020**", "**Preface**", "[Blog: Migration to Advanced Economies Can Raise Growth](https://blogs.imf.org/2020/06/19/migration-to-advanced-economies-can-raise-growth/)", "[Blog: Making Economies More Resilient to Downturns](https://blogs.imf.org/2020/05/18/making-economies-more-resilient-to-downturns/)", "[Transcript of the Press Briefing on the April 2020 World Economic Outlook](https://www.imf.org/en/News/Articles/2020/04/14/tr041420-transcript-of-april-2020-world-economic-outlook-press-briefing)", "[Blog by Gita Gopinath: The Great Lockdown: Worst Economic Downturn Since the Great Depression](https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/)", "[https://www.imf.org/-/media/images/imf/publications/weo/2019/october/weoarrows-oct2019.png](https://www.imf.org/-/media/images/imf/publications/weo/2019/october/weoarrows-oct2019.png)", "[https://www.imf.org/-/media/images/imf/publications/weo/2020/april/arrows.png](https://www.imf.org/-/media/images/imf/publications/weo/2020/april/arrows.png)", "[https://www.imf.org/-/media/images/imf/publications/weo/2020/april/weomap.png](https://www.imf.org/-/media/images/imf/publications/weo/2020/april/weomap.png)", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)" ], "related": [ { "title": "Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/annexch2.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/annexch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/annexch2.pdf", "mime": "application/pdf" } }, { "title": "Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/annexch3.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/annexch3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/annexch3.pdf", "mime": "application/pdf" } }, { "title": "CHAPTER 4 [ Annex]", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/annexch4.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/annexch4.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/annexch4.pdf", "mime": "application/pdf" } }, { "title": "Chapter 1", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "Chapter 2", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/ch2.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/ch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/ch2.pdf", "mime": "application/pdf" } }, { "title": "Chapter 3", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/ch3.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/ch3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/ch3.pdf", "mime": "application/pdf" } }, { "title": "Chapter 4", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/ch4.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/ch4.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/ch4.pdf", "mime": "application/pdf" } }, { "title": "dataset overview", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/data/weoapr2020-ch1.xlsx", "binary": { "path": "/-/media/files/publications/weo/2020/april/english/data/weoapr2020-ch1.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Dataset overview — WEO Chapter 2 Apr. 2020", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch2.xlsx", "binary": { "path": "/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch2.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Dataset overview: WEO Chapter 3 Apr. 2020", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch3.xlsx", "binary": { "path": "/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch3.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Weoapril 2020ch4", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch4.xlsx", "binary": { "path": "/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch4.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Executive Summary", "role": "executive-summary", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/execsum.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/execsum.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/execsum.pdf", "mime": "application/pdf" } }, { "title": "Foreword", "role": "foreword", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/foreword.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/foreword.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/foreword.pdf", "mime": "application/pdf" } }, { "title": "IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/statsappendixa.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/statsappendixa.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/statsappendixa.pdf", "mime": "application/pdf" } }, { "title": "Statsappendixb", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/statsappendixb.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/statsappendixb.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/statsappendixb.pdf", "mime": "application/pdf" } }, { "title": "IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/statsappendixintro.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/statsappendixintro.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/statsappendixintro.pdf", "mime": "application/pdf" } }, { "title": "Preface", "role": "full-report", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2020/april/english/text.pdf", "summary": { "path": "/-/media/files/publications/weo/2020/april/english/text.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2020/april/english/text.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/weo/issues/2020/04/14/weo-april-2020/index.md", "json": "/en/publications/weo/issues/2020/04/14/weo-april-2020/index.json", "bundleManifest": "/en/publications/weo/issues/2020/04/14/weo-april-2020/bundle-manifest.json" }, "generatedAtUtc": "2026-09-02T22:14:35.839Z" }