Economics
U.S. Is Expected to Lead a Contraction in Global GDP This Year
- America will represent 31% of worldwide slump, IMF data show
- Growth will rebound in 2021, with 5.8% expansion, IMF says
A pedestrian walks outside the closed Smithfield Foods Inc. plant in Sioux Falls, South Dakota, U.S., on April 15.
Photographer: Dan Brouillette/BloombergThis article is for subscribers only.
Few countries in the world have been spared from the devastating economic consequences of the coronavirus outbreak. But no economy will have a bigger impact on global growth than the U.S.
The leader in confirmed Covid-19 cases, the U.S. is expected to account for 31% of this year’s decline in worldwide gross domestic product, according to Bloomberg calculations using International Monetary Fund data. That’s more than twice the country’s share of global output. Overall, the IMF forecasts the global economy will contract 3%, the most in almost a century, before soaring almost 6% in 2021.