Worst recession since Great Depression
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The world economy could shrink by $9 trillion due to the coronavirus pandemic – the worst economic downturn since the Great Depression, according to the IMF World Economic Outlook
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Great Depression: 1929-33 Duration: 43 months U.S. GDP decline: -26.7% Peak unemployment rate: 25%
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Worst economic disaster of 20th century

Triggered by Wall Street crash of 1929 and exacerbated by Smoot-Hawley Tariff Act of President Herbert Hoover (left) which hikes import duties by some 20%, triggering trade war 1929-32: International trade plummets by more than two-thirds

New Deal, 1934: President Franklin D. Roosevelt (right) signs Reciprocal Trade Agreements Act, reducing tariff levels and promoting global trade
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Great Lockdown: Feb 2020-onwards (GDP, IMF projected change %)

-10 -8 -6 -4 -2 0 2

-5.9 UNITED STATES
-7.5 EURO AREA
-7.0 GERMANY
-7.2 FRANCE
-9.1 ITALY
-8.0 SPAIN
-5.2 JAPAN
-6.5 UNITED KINGDOM
-6.2 CANADA

CHINA 1.2
INDIA 1.6

-0.6 ASEAN-5 – Malaysia, Singapore, Thailand, Indonesia, Philippines

-5.5 RUSSIA
-5.3 BRAZIL
-6.6 MEXICO
-2.3 SAUDI ARABIA
-5.8 SOUTH AFRICA
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$86.6 trillion Global GDP (2019)
$9 trillion (10.4%) Cumulative decline (2020-21)
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 Source: IMF World Economic Outlook, April 2020 Pictures: Associated Press © GRAPHIC NEWS