THE economy in will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast.

The IMF said Tuesday that it expects the global economy to shrink 3 per cent this year far worse than its 0.1 per cent dip in the Great Recession year of 2009.

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The bleak assessment represents a breathtaking downgrade by the IMF.

In its previous forecast in January the international lending organization had forecast moderate global growth of 3.3 per cent this year.

Far-reaching measures to contain the pandemic lockdowns, business shutdowns, social distancing and travel restrictions have suddenly brought economic activity to a near-standstill across much of the world.

It says the economy will rebounding in 2021 with 5.8 per cent growth though acknowledges that is clouded by uncertainty

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