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The International Monetary Fund (IMF) predicts that in 2020, the world economy will suffer its worst year since The Great Depression of the 1930s. The IMF expects the global economy to shrink 3 percent with a rebound in 2021 not guaranteed.
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IMF Chief Economist Gita Gopinath, calling the period "The Great Lockdown," expanded on what she feels may come.
"It is very likely that this year the global economy will experience its worst recession since The Great Depression, surpassing that seen during the global financial crisis a decade ago," Gopinath said at a press conference.
States largely have authority over when to shut down, reopen during coronavirus pandemic
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Before COVID-19 emerged as a grave threat, IMF had forecasted moderate global growth of 3.3 percent this year. IMF does predict a 5.8 percent growth for next year, but acknowledges prospects for a bounce-back are surrounded by uncertainty.
IMF's website states it's made up of representatives from 189 countries that work to foster global monetary cooperation around the world.
With many states issuing stay-at-home orders and social distancing guidelines, several industries like those in service, travel and restaurants have seen a serious dip in business.
ABC News and the Associated Press contributed to this story,