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Dear Colleague,
Welcome to the Day 5 Briefing of our 2020 Virtual Spring Meetings newsletter.
HAPPENING NOW
The first livestream of the Spring Meetings just kicked off with Chief Economist Gita Gopinath, who is presenting the latest outlook for the global economy as part of the launch of the April 2020 World Economic Outlook (WEO) report. Watch it live.
THE GREAT LOCKDOWN:
WORST ECONOMIC DOWNTURN SINCE THE GREAT DEPRESSION
In a new blog tied to the launch of the WEO, Chief Economist Gopinath writes:
Under the assumption that the pandemic and required containment peaks in the second quarter for most countries in the world, and recedes in the second half of this year, in the April World Economic Outlook we project global growth in 2020 to fall to -3 percent. This is a downgrade of 6.3 percentage points from January 2020, a major revision over a very short period. This makes the Great Lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis.
Assuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains, we project global growth in 2021 to rebound to 5.8 percent.
This recovery in 2021 is only partial as the level of economic activity is projected to remain below the level we had projected for 2021, before the virus hit. The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9 trillion dollars, greater than the economies of Japan and Germany, combined. Read the full blog.
LATER TODAY
At 11:30 AM EDT, Financial Counselor and Director of the Monetary and Capital Markets Department Tobias Adrian will speak to the launch of the April 2020 Global Financial Stability (GFSR) Report. Tune in to watch the livestream.
Director Adrian will also publish a new blog timed to the launch of the GFSR so stay tuned. I'll share that link in tomorrow's brief, along with a new podcast on the report. If you can't wait, subscribe to IMF Blog for immediate updates. You will have to re-enter your email address to access your subscription.
TOMORROW'S FOCUS
Tomorrow is our busiest day this week. We have 8 livestreams throughout the day starting at 5:00 AM EDT—press briefings on Europe, Middle East and Central Asia, Sub-Saharan Africa, Asia and the Pacific, the G20 meetings, and the launch of the new Fiscal Monitor report. We'll also be streaming the Managing Director's opening press conference and discussion with Neil Ferguson and Azra Ghani of Imperial College London on how to save lives and livelihoods in the COVID-19 crisis.
The best way not to miss anything is to visit our full livestream schedule. Next to each event is a calendar icon, which will allow you to add that particular webcast to your personal schedule—whether you use Apple, Google, Outlook or another platform.
THE IMF AND COVID-19
We recently launched a hub for all of our COVID-19 content, including our latest analytical work on the economic impact of the pandemic, a global policy tracker that now covers 193 economies, a series of notes produced by IMF experts to help members address the economic effects of COVID-19, and recent news including press releases, speeches and more. If you are interested in the IMF's response to COVID-19, please read our latest Q&A.
Also, the IMF just approved immediate debt service relief to 25 member countries. "This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts," said Managing Director Kristalina Georgieva.
Finally, our new lending tracker showcases emergency assistance approved to member countries facing the economic impact of the pandemic. For upcoming discussions on emergency financing requests, please see meetings calendar of the Executive Board.
IN CASE YOU MISSED IT
Late last week, Managing Director Kristalina Georgieva delivered her Curtain Raiser speech—Confronting the Crisis: Priorities for the Global Economy—ahead of the Spring Meetings. Listen to it here. Following the speech, she spoke with editor-in-chief of The Economist Zanny Minton Beddoes about whether the IMF can bail out the global economy. Listen to the 30-min discussion.
FINAL THOUGHT
Thank you again for your interest in this special Spring Meetings newsletter running from April 8-17. Don't forget to keep your profile updated to ensure you receive this daily brief and other tailored content in your preferred language. You will need to re-enter your email address to access your information.
If you have any feedback or comments on this daily brief, please write to us directly. We would love to hear from you.
Sincerely,
IMF Spring Meetings Team
P.S. The IMF offers a range of free, self-paced online courses to educate current and future leaders on the fundamentals of economic policymaking. Register today.
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