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That view is supported by the latest figures from the European Commission which has forecast that the GDP of EU countries will contract by 75 in 2020. According to World Bank forecasts the global economy will shrink by 52 this year. World Bank Pandemic Drives Broadest Economic Collapse In 150 Years Voice Of America English The global economy will shrink this year by 49 percent worse than the 3 percent decline predicted in April the IMF said. World economy collapse . The June 2020 Global Economic Prospects describes both the immediate and near-term outlook for the impact of the pandemic and the long-term damage it has dealt to prospects for growth. Panic of 1847 started as a collapse of British financial markets associated with the end of the 1840s railway industry boom Panic of 1857 a US. No major economy is escaping the pandemic. 1 That would represent the deepest recession since the Second World War with the largest fraction of economies experiencing declines in per capi...