RIO DE JANEIRO, BRAZIL - The Washington D.C. based Institute of International Finance (IIF) has lowered its global Gross Domestic Product (GDP) projection and forecast a 2.8 percent contraction in 2020, meaning that "the shock caused by Covid-19 will be sharper than during the 2008 financial crisis.
In a report released on Thursday, April 9th, the institution also estimated that the Brazilian economy, "not having fully recovered from the 2015 recession," will contract 4.1 percent this year.
According to the document, China's growth should decelerate 2.1 percent in 2020.
The Institute also estimates sharp retractions . . .