The International Monetary Fund updated its April World Economic Outlook this morning and the news is not good. In April, the IMF projected that global GDP would slip by 3% this year but that expectation has fallen to a 4.9% contraction. For the U.S., the 5.9% contraction in 2020 that was forecast in April has now become an expected drop of 8%. For 2021, the Fund expects global GDP to grow by 5.4% and sees the American economy rebounding by 4.5%. The projections assume that lockdown measures will not be resumed.
