Covid-19: it’s worse than you expected

Covid-19 could cost the global economy $12-trillion (R209-trillion) in the biggest hit to growth since the Great Depression, the International Monetary Fund has warned.

Forecasts of a 3% fall in global growth were raised to 4.9% in the IMF’s latest World Economic Outlook, as the pandemic and lockdowns hit activity more than expected in April.

Chief economist Gita Gopinath said failed businesses and fears of a second wave of infections would drag on the recovery in the second half.