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2020 The gap here for the world economy. In its updated prognosis of the world economy, the International Monetary Fund has largely stuck to the grim forecast issued in June despite unexpected recovery in some economies. The World Economic Outlook The IMF's global economic surveillance report projects contraction at 4.4% in 2020. It has also one that the economic rebound due next year will vein in 2022 For the first time since the pandemic began, the IMF is releasing medium term projections on the world economy effectively. It has declared 2020 has a gap here for the world economy, something that to be all feared. Ever since the Corbett 19 virus first made its appearance in Wuhan, China on then rapidly engulfed the entire world, it forced government to initiate lockdowns and try and slow down the pandemic. The outcome was devastating. What started as a full blown health crisis rapidly morphed into an unprecedented economic catastrophe. The closest would be the Great Depression the world witnessed nearly a century ago. The biggest downside is that unlike in previous economic shocks, the services sector dominated by the contact economy, such as hospitality and aviation has suffered more in some instances than manufacturing the supply chain. Disruptions, complicated by the initiation off uncoupling off the western economies from China, has only further exacerbated the crisis.