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The IMF forecasts a 3% drop in world GDP 0:58
(CNN Spanish) - "The world economy will suffer its worst recession since the Great Depression." The 2020 projections of the International Monetary Fund (IMF) in the face of the covid-19 crisis show a bleak picture for the continent's economy.
The economy will experience contractions across the continent, according to the latest IMF report "Global Economic Outlook", in what the agency called "the great isolation."
While the world economy will see a contraction of 3%, in North America it will be 6%; in South America, 5%; in Central America, 3%; and 2.8% in the Caribbean.
But each country has its own particular situation. Brazil, the largest Latin American economy, expects a contraction of 5.3%, although in the region, the crisis will hit Mexico hardest, which is forecast to contract 6.6%.
In the case of Venezuela, the situation will be a little different. Despite the fact that, according to IMF projections, the growth of its real GDP will continue to be negative, it will go from a 35% contraction in 2019 to a 15% contraction in 2020.
As for unemployment, almost all the economies of the continent will receive hard blows.
The United States, which was experiencing a time of flourishing with the creation of thousands of jobs, will go from an unemployment rate of 3.7 in 2019 to 10.4 in 2020, according to projections.
Millions of people affected by the coronavirus are now waiting to receive economic stimulus checks from the $ 2 trillion package approved by the United States Congress to counter the crisis by covid-19.
However, in the opinion of 45 economists, the world's largest economy is already in recession.
Although the agency predicts that the global financial crisis will be worse than that of 2008, the projections for 2021 are more optimistic, when an economic recovery of 5.8% is expected.
READ : The IMF confirms that in 2020 we will experience the worst economic recession in 90 years
Here are three graphs that show the continental economic outlook.
How are the projections in your country?
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