The International Monetary Fund (IMF) estimates the economic damage from the corona crisis this year and next year at $ 12,000 billion, according to a report on the Great Lockdown. According to IMF chief economist Gita Gopinath, global action has caused the deepest recession since the Great Depression of the 1930s.
It expects a global contraction of 4.9 percent this year. That contraction would be followed by a 5.4 percent rebound next year. Things like a vaccine or treatment for Covid-19 could give the economy a boost. Additional government support can also do that. A second wave of virus would undermine recovery. World trade is expected to contract 12 percent this year due to the crisis.