## World Economic Outlook, April 2020: The Great Lockdown _World Economic Outlook, April 2020_ ## Source details **Canonical URL:** [World Economic Outlook, April 2020: The Great Lockdown](https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020) ## Other formats - [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) ## Bibliographic details - Authors: Gita Gopinath: The Great Lockdown: Worst Economic Downturn Since the Great DepressionLoading component...Loading component...Growth Projections - Published: April 6, 2020 --- ### Global projection and scenario - 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. ### Nature and scale of the shock - 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. ### Policy implications and recommended actions - 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: - Overcome the effects of the pandemic. - Help financially constrained countries facing twin health and funding shocks. - Channel aid to countries with weak health care systems. ### Advanced economies and fiscal context - 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. *Source: World Economic Outlook, April 2020: The Great Lockdown* --- ## Content in this bundle - **Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers** - [Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers (Markdown version)](/-/media/files/publications/weo/2020/april/english/annexch2.pdf.md){rel="alternate" type="text/markdown"} - [Annex 2 — Data Sources, Interest Rate–Growth Differentials, and Fiscal Multipliers (PDF)](/-/media/files/publications/weo/2020/april/english/annexch2.pdf){rel="external" type="application/pdf"} - **Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses** - [Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses (Markdown version)](/-/media/files/publications/weo/2020/april/english/annexch3.pdf.md){rel="alternate" type="text/markdown"} - [Annex 3.1–3.5. Macroprudential Regulation: Data, Dampening Effects, and Policy Responses (PDF)](/-/media/files/publications/weo/2020/april/english/annexch3.pdf){rel="external" type="application/pdf"} - **CHAPTER 4 [ Annex]** - [CHAPTER 4 [ Annex] (Markdown version)](/-/media/files/publications/weo/2020/april/english/annexch4.pdf.md){rel="alternate" type="text/markdown"} - [CHAPTER 4 [ Annex] (PDF)](/-/media/files/publications/weo/2020/april/english/annexch4.pdf){rel="external" type="application/pdf"} - **Chapter 1** - [Chapter 1 (Markdown version)](/-/media/files/publications/weo/2020/april/english/ch1.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1 (PDF)](/-/media/files/publications/weo/2020/april/english/ch1.pdf){rel="external" type="application/pdf"} - **Chapter 2** - [Chapter 2 (Markdown version)](/-/media/files/publications/weo/2020/april/english/ch2.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 2 (PDF)](/-/media/files/publications/weo/2020/april/english/ch2.pdf){rel="external" type="application/pdf"} - **Chapter 3** - [Chapter 3 (Markdown version)](/-/media/files/publications/weo/2020/april/english/ch3.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 3 (PDF)](/-/media/files/publications/weo/2020/april/english/ch3.pdf){rel="external" type="application/pdf"} - **Chapter 4** - [Chapter 4 (Markdown version)](/-/media/files/publications/weo/2020/april/english/ch4.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 4 (PDF)](/-/media/files/publications/weo/2020/april/english/ch4.pdf){rel="external" type="application/pdf"} - **dataset overview** - [dataset overview (XLSX)](/-/media/files/publications/weo/2020/april/english/data/weoapr2020-ch1.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **Dataset overview — WEO Chapter 2 Apr. 2020** - [Dataset overview — WEO Chapter 2 Apr. 2020 (XLSX)](/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch2.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **Dataset overview: WEO Chapter 3 Apr. 2020** - [Dataset overview: WEO Chapter 3 Apr. 2020 (XLSX)](/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch3.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **Weoapril 2020ch4** - [Weoapril 2020ch4 (XLSX)](/-/media/files/publications/weo/2020/april/english/data/weoapril-2020ch4.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **Executive Summary** - [Executive Summary (Markdown version)](/-/media/files/publications/weo/2020/april/english/execsum.pdf.md){rel="alternate" type="text/markdown"} - [Executive Summary (PDF)](/-/media/files/publications/weo/2020/april/english/execsum.pdf){rel="external" type="application/pdf"} - **Foreword** - [Foreword (Markdown version)](/-/media/files/publications/weo/2020/april/english/foreword.pdf.md){rel="alternate" type="text/markdown"} - [Foreword (PDF)](/-/media/files/publications/weo/2020/april/english/foreword.pdf){rel="external" type="application/pdf"} - **IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020** - [IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020 (Markdown version)](/-/media/files/publications/weo/2020/april/english/statsappendixa.pdf.md){rel="alternate" type="text/markdown"} - [IMF World Economic Outlook; The Great Lockdown: Table A1. Summary of World Output 1; April 2020 (PDF)](/-/media/files/publications/weo/2020/april/english/statsappendixa.pdf){rel="external" type="application/pdf"} - **Statsappendixb** - [Statsappendixb (Markdown version)](/-/media/files/publications/weo/2020/april/english/statsappendixb.pdf.md){rel="alternate" type="text/markdown"} - [Statsappendixb (PDF)](/-/media/files/publications/weo/2020/april/english/statsappendixb.pdf){rel="external" type="application/pdf"} - **IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020** - [IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020 (Markdown version)](/-/media/files/publications/weo/2020/april/english/statsappendixintro.pdf.md){rel="alternate" type="text/markdown"} - [IMF World Economic Outlook; The Great Lockdown; Statistical Appendix; April 2020 (PDF)](/-/media/files/publications/weo/2020/april/english/statsappendixintro.pdf){rel="external" type="application/pdf"} - **Preface** - [Preface (Markdown version)](/-/media/files/publications/weo/2020/april/english/text.pdf.md){rel="alternate" type="text/markdown"} - [Preface (PDF)](/-/media/files/publications/weo/2020/april/english/text.pdf){rel="external" type="application/pdf"} --- ## References - [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) _Source: https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020_