IMF slashes forecasts for global economy (CNBC)

The International Monetary Fund slashed its economic forecasts again today and warned that public finances will deteriorate significantly as governments attempt to combat the fallout from the coronavirus crisis. CNBC reported the IMF now estimates a contraction of 4.9% in global gross domestic product in 2020, more than the 3% fall it predicted in April as the Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast.