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The global economy is experiencing its deepest recession since 1946.
We project that world real GDP will decline by 4.8% in 2020, a far worse outcome than the 1.7% contraction in 2009 at the height of the global financial crisis.
As countries remove restrictions on activities, the global economy is recovering.
However, new outbreaks of the coronavirus disease 2019 (COVID-19) virus and the likelihood that a vaccine will not be widely available before mid-2021 make any assessment of the economic outlook challenging.