The global economy is in the midst of a major contraction. The pandemic has resulted in varying levels of worldwide shutdowns.

This has caused a sharp deceleration of economic activity in the manufacturing and services sectors, offset by an unprecedented magnitude of monetary easing, financial stimulus and multilateral support. Parts of the economy are now cautiously being reopened and it is likely that economic activity picks up gradually as more lockdowns are to be eased. Still, economic activity remains at suppressed levels. Read more.