IMF says Economic Collapse Will be Even Worse than Feared… 140,000 Businesses on YELP Still Closed

IMF says global economic collapse caused by coronavirus will be even worse than feared

The International Monetary Fund on Wednesday painted a bleak portrait of the global economy, saying the coronavirus pandemic has caused more widespread damage than expected and will be followed by a sluggish recovery.

The global economy will shrink this year by 4.9%, worse than the 3% decline predicted in April, the IMF said.
No major economy is escaping the pandemic. The U.S. economy, the world’s largest, is expected to shrink this year by 8%. Countries that use the single European currency are headed for a decline of more than 10% while Japanese output will fall by 5.8%, the IMF said.