Global financial risks loom large

Never has the IMF’s World Economic Outlook made such grim reading.

The sudden stop in economic activity intended to curtail the spread of the coronavirus has, it says, led to the sharpest reversal in global growth since the Great Depression. After forecasting growth of about 3% for 2020 in January, it now predicts a 3% contraction in output — a far worse drop even than during the financial crisis...