About this work
Why did the pandemic imply a deeper global recession than the financial crisis? The September 2020 forecast projected a 3.8% world contraction, compared with 0.4% in 2009, attributing most of the difference to China and India. China lacked an infrastructure stimulus comparable to 2009, while India faced a sharp lockdown contraction rather than its earlier expansion, weakening the outlook for other emerging economies.
Abstract
Why did the pandemic imply a deeper global recession than the financial crisis? The September 2020 forecast projected a 3.8% world contraction, compared with 0.4% in 2009, attributing most of the difference to China and India. China lacked an infrastructure stimulus comparable to 2009, while India faced a sharp lockdown contraction rather than its earlier expansion, weakening the outlook for other emerging economies.
Cite this work
Jonathan Fortun, Robin Brooks (2020). GMV: The COVID-19 Shock and Global Growth. Institute of International Finance.