See the below image for the Global economy decline diagram. Global growth is projected to decelerate in 2022 and 2023 Comparing growth contributions of major economies. Global growth is set to slow sharply, as the initial rebound in consumption and investment fades and macroeconomic support is withdrawn.
According to World Bank forecasts, the global economy will shrink by 5.2% this year. 1 That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects.
The IMF estimates that the global economy shrunk by 4.4% in 2020. The organisation described the decline as the worst since the Great Depression of the 1930s. The only major economy to grow in 2020 was China.
Global economy decline image
