Meanwhile, the International Monetary Fund said that it had revised its forecasts and now expects growth across Asia to be zero in 20201. The organisation believes that the global economy is likely to suffer its worst recession since the Great Depression of the 1930s, with a contraction of around 3% the most likely scenario.
Europe and The UK
In the UK, the Office for Budget Responsibility said the British economy was likely to shrink by 35% in the second quarter of this year, with unemployment set to exceed two million2.
But there is ongoing tension over how European Union members plan to help each other weather the crisis: on Thursday 14 April French president Emmanuel Macron repeated his demand for “financial transfers and solidarity” with poorer nations. EU leaders will debate their next steps at a virtual summit next week.