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This is a crisis like no other, and there is substantial uncertainty about its impact on people’s lives and livelihoods. Economic Forecast 2020-2021. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. They also forecast 3.5% growth in 2021, up from an estimated 3% in 2019. Description: World Economic Outlook, October 2019: Global Manufacturing Downturn, Rising Trade Barriers, World Economic Outlook Update, July 2019: Still Sluggish Global Growth, World Economic Outlook, April 2019: Growth Slowdown, Precarious Recovery, World Economic Outlook Update, January 2019: A Weakening Global Expansion, World Economic Outlook, October 2018: Challenges to Steady Growth, World Economic Outlook Update, July 2018: Less Even Expansion, Rising Trade Tensions. But the US economic forecast in 2020 and for the next 5 years, is bolstered by strong investment, low taxes, strong consumer wealth and spending, and the fact consumers can't buy China's shut in production. 2020 job growth: 0.3% (1,000) Growth in Alaska has picked up along with oil prices. © 2020 International Monetary Fund. Economic Outlook During the first half of the year, the COVID-19 pandemic led to the most severe contraction in global and domestic economic activity in … Global growth is projected to rise from an estimated 2.9 percent in 2019 to 3.3 percent in 2020 and 3.4 percent for 2021—a downward revision of 0.1 percentage point for 2019 and 2020 and 0.2 for 2021 compared to those in the October World Economic Outlook (WEO). The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. Global growth is forecast at 3.2 percent in 2019, picking up to 3.5 percent in 2020 (0.1 percentage point lower than in the April WEO projections for both years). Momentum in manufacturing activity, in particular, has weakened substantially, to levels not seen since the global financial crisis. The IMF Press Center is a password-protected site for working journalists. Eurosystem and ECB staff produce macroeconomic projections that cover the outlook for the euro area and the wider global economy. Description: Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020, using market exchange rate weights—the deepest global recession in decades, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policy support. Global growth is now projected to slow from 3.6 percent in 2018 to 3.3 percent in 2019, before returning to 3.6 percent in 2020. 1.2 Short-term economic and budgetary outlook 2 2 Economic Outlook 5 2.1 Summary 5 2.2 Macroeconomic outturn 2019 5 2.3 Macroeconomic projections 2020 7 2.4 Balance of payments 14 2.5 The labour market 15 2.6 Price developments 18 2.7 Medium-term growth prospects 2021 to 2024 19 2.8 Comparison of forecasts 20 After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies. The adverse impact on low-income households is particularly acute, imperiling the significant progress made in reducing extreme poverty in the world since the 1990s. Expect job growth of 1.1% in 2019 after three straight years of declines. Description: 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. IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves, World Economic Outlook, October 2020: A Long and Difficult Ascent, World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery, World Economic Outlook, April 2020: The Great Lockdown. 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