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