Global activity has collapsed and the recovery will be slow and possibly interrupted
Global activity declined abruptly in the first quarter of 2020
High-frequency data point to sharp contractions in activity during shutdowns
World trade is now collapsing
Financial market tensions have increased
A collapse in output followed by a slow recovery
An unprecedented output collapse is occurring in the first half of 2020
Output is projected to decline in all economies this year
Output is set to remain weak for an extended period
The crisis is resulting in sizeable job losses and high unemployment
World trade is projected to remain very weak, with challenges for tourism-dependent economies
Inflation is expected to remain low
The pandemic will leave long-lasting legacies
Vulnerabilities in emerging-market economies
Domestic currencies have weakened considerably against the US dollar
Vulnerability to trade shocks is high in some OECD countries
Cross-border trade has helped to raise world trade intensity
The global monetary policy stance has been eased substantially
Fiscal positions are set to deteriorate drastically
Frequency of government measures in response to the pandemic crisis
Several central banks have become dominant holders of domestic government bonds