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.