IMF predicts worst economic downturn since Great Depression

The latest data from the International Monetary Fund shows the global economy is in for its worst downturn since the Great Depression.

The world economic outlook predicts the Australian economy will shrink by 6.7 percent this year, with recovery not expected until at least mid next year.

Though we do fare a little bit better than other countries, particularly Great Britain, whose economy is predicted to shrink by a whopping 35 percent by June.


Even after all lockdown measures are lifted, the IMF says most economies will have shrunk by at least five percent.

Australia is expected to bounce back a little quicker than some other countries, with the United States, parts of Europe and Japan to take far longer.

For more information on the world economic outlook, click here.