According to the IMF, the global economy is set to shrink by 3% this year as a result of COVID-19.
The prediction was made in its World Economic Outlook, which was published today.
It also forecasts that Ireland's economy will decline by 6.8% in gross domestic product (GDP) terms this year, and that unemployment will average 12.1% this year and 7.9% in 2021.
Ian Guider, markets editor of the Business Post, discussed this story and more in our daily business update, including:
- Finance Minister Paschal Donohoe to meet insurers over not paying out on some premiums
- Payment breaks given by banks to 5% of mortgage customers
Listen to the interview in full by pressing the play button on this page.
