Recession

• [New] The global recession we are now in is the deepest since World War 2, and the Asian Development Bank expects economies in developing Asia to contract in 2020 for the first time in nearly 60 years.
• [New] Shortfalls faced by states, localities, tribal nations, and U.S. territories will reach between about $480 billion and $620 billion through 2022, and could reach even higher in the event of a double-dip recession.
• [New] The International Monetary Fund (IMF) predicts a 4.4% decline in growth in 2020 as the global economy struggles to recover from the pandemic-induced recession and experiences its worst collapse in nearly a century.
• [New] The projection for GDP growth in Belarus for the year is -6%, with a partial recovery in 2021 of 3.5%.
• Market research firm TechNavio is predicting a short-term slump in the automated test equipment market as a result of the global coronavirus pandemic, followed by a rebound and growth through 2024.
• In the first quarter of 2020, remittances from the Russian Federation fell by almost 17 percent: Further decreases throughout the year are expected due to the continued closure of borders and the global economic recession.
• In Angola, the COVID-19 crisis pushed the economy into a fifth year of recession, with GDP projected to contract by 4% in 2020: A partial recovery is expected in 2021, with the IMF estimating GDP growth of 3.2%.
• Insecurity triggered by 'The Great Lockdown' has led to a 4.9% decline in 2020 global output and the worst recession since the Great Depression - with the IMF predicting only 5.4% growth in 2021.
• IMF continues to project a deep recession in 2020 with global growth projected to be -4.4%.
• In the US, apart from the impact of the economic recession, new births will be affected by a sharp decline in immigration in 2020.
• Like many other economies in the world, Morocco's economy is expected to experience a deep recession in 2020.
• New research has found that if climate change goes unchecked, it would cost Australia $3.4 trillion and almost 900,000 jobs by 2070, dwarfing the impact of the coronavirus recession and devastating key industries such as tourism and mining.
• Economic growth stopped in its first year, and the Mexican recession in 2020 is expected to be the worst in Latin America without counting Argentina.
• As measured by annual growth rates, the recession in 2020 will be much deeper than after the global financial crisis.
• South Africa's government is battling to revive an economy that was mired in recession before the coronavirus outbreak and which the Treasury expects to contract more than 7% in 2020.
• While most of major economies are staring at economic mayhem and severe recession with projections of negative growth in 2020, IMF projects a positive growth for India in 2020 and 7.4% in 2021.
• Deutsche Bank expects global GDP to return to pre-pandemic levels by mid-2021; similarly, the International Monetary Fund projects global growth of 5.4% next year.
• Global recession in 2020 will not be as deep as expected as a result of countries' efforts to counter the economic fallout from the coronavirus pandemic.
• In the shadow of the COVID-19 pandemic and its continuing impact, the global economy could see a somewhat less severe, though still deep recession through 2020, the International Monetary Fund has projected in its latest global economic outlook.
• Global energy demand will not return to pre-crisis levels until 2023 under current policy intentions and targets, or 2025 in the event of a prolonged pandemic and deeper slump.
• The global economy will contract by 5.2%, while the International Monetary Fund forecasts a decline of three percent.
• We forecast a deep recession in 2020, with global GDP contracting by 3.8 pc.

Last updated: 25 November 2020