Worldwide economy to take €10trn Covid-19 hit, says IMF

The International Monetary Fund now expects the UK economy to contract by 10.2% in 2020 and global GDP by shrink by 4.9%.

Global activity will take a hit of more than $12trn (€10.65trn) from the coronavirus pandemic by the end of 2021, the International Monetary Fund (IMF) has warned.

In an update to its already grim set of forecasts in April, the IMF said it now expects the global economy to contract by 4.9% in 2020 compared with the 3% it predicted two months ago.