From the Webpage: "Economic shutdowns and containment measures to stop the spread of COVID-19 [coronavirus disease 2019] have caused a sharp decline in global economic activity. The pandemic is sending the world into a recession that is much deeper than the contraction that followed the global financial crisis. Normal activity will be restored only gradually because economic structures will be damaged and creating systems of effective testing and tracking of infected individuals will be difficult. For 2020 as a whole, global economic output is likely to decline 3½ percent. The depth of the recession and speed of recovery in individual countries will vary depending on the strength of their economies going into the crisis, their ability to put effective policies in place to contain the virus, and their exposure to trade and commodity price shocks."
Peterson Institute for International Economics
Peterson Institute for International Economics: https://www.piie.com/