This report summarizes the global economic effects and policy responses to the pandemic provided by governments and international institutions. The global economy could decline by 3% in 2020 before growing by 5.8% in 2021, based on IMF’s forecast of April 14, 2020. Global trade is projected to fall by 11% and oil prices are projected to fall by 42% in 2020. However, the forecast assumes that the crisis fades by the end of the first half of 2020 and that containment effects can be reversed.

Furthermore, among most developed and major developing economies, countries highly dependent on trade and commodity exports — such as Canada, Germany, Italy, Japan, Mexico, and South Korea — are projected to be the most negatively affected by the economic slowdown associated with the virus. The OECD also notes that production declines in China will have spillover effects around the world given that China is a primary customer for many commodities.