COVID-19 has created an unprecedented crisis in the world economies resulting into a collapse of economic activities. According to the projections made by IMF, the world output is projected to decline by 4.4 percent in 2020. All the regional economies are expected to contract: the hardest-hit are the Advanced Economies, European Union and Latin America.
In 2020, 167 economies are projected to face contraction in economic activities. Among them, 102 economies are expected to face a contraction of more than 5 percent. The following table shows the projected growth rate for the economies in 2020.
Country |
Growth in 2020 |
Country |
Growth in 2020 |
Libya |
-66.65 |
Solomon Islands |
-4.99 |
Macao SAR |
-52.28 |
Islamic Republic of Iran |
-4.99 |
Lebanon |
-25.00 |
Turkey |
-4.99 |
Venezuela |
-25.00 |
Bahrain |
-4.91 |
Fiji |
-21.00 |
Zambia |
-4.83 |
Aruba |
-19.70 |
Romania |
-4.80 |
St. Kitts and Nevis |
-18.65 |
Lesotho |
-4.80 |
Maldives |
-18.56 |
Sweden |
-4.72 |
Antigua and Barbuda |
-17.27 |
Sri Lanka |
-4.55 |
St. Lucia |
-16.90 |
Denmark |
-4.50 |
Belize |
-16.00 |
Marshall Islands |
-4.50 |
The Bahamas |
-14.78 |
Moldova |
-4.50 |
Mauritius |
-14.20 |
Uruguay |
-4.50 |
Peru |
-13.94 |
Qatar |
-4.48 |
Seychelles |
-13.78 |
Armenia |
-4.46 |
Suriname |
-13.08 |
Nigeria |
-4.28 |
Spain |
-12.83 |
United States |
-4.27 |
Iraq |
-12.06 |
Australia |
-4.16 |
Kyrgyz Republic |
-12.02 |
Russia |
-4.12 |
Montenegro |
-12.00 |
Azerbaijan |
-4.03 |
West Bank and Gaza |
-11.98 |
Angola |
-4.01 |
Argentina |
-11.78 |
Bulgaria |
-4.00 |
Grenada |
-11.78 |
Haiti |
-4.00 |
Barbados |
-11.60 |
Paraguay |
-4.00 |
Palau |
-11.40 |
Finland |
-3.98 |
Ecuador |
-11.00 |
Micronesia |
-3.78 |
San Marino |
-11.00 |
Poland |
-3.56 |
Italy |
-10.65 |
Eswatini |
-3.47 |
Zimbabwe |
-10.38 |
Papua New Guinea |
-3.28 |
India |
-10.29 |
Burundi |
-3.24 |
Oman |
-10.00 |
Mauritania |
-3.23 |
Portugal |
-10.00 |
Madagascar |
-3.16 |
United Kingdom |
-9.76 |
Sierra Leone |
-3.09 |
France |
-9.76 |
Liberia |
-3.01 |
Botswana |
-9.63 |
Ireland |
-3.00 |
Greece |
-9.50 |
Belarus |
-2.99 |
Croatia |
-9.00 |
Guinea-Bissau |
-2.90 |
Panama |
-9.00 |
Norway |
-2.83 |
El Salvador |
-8.98 |
Cameroon |
-2.77 |
Mexico |
-8.95 |
Cambodia |
-2.76 |
Dominica |
-8.78 |
Kazakhstan |
-2.69 |
Jamaica |
-8.56 |
Gabon |
-2.67 |
Sudan |
-8.38 |
Tonga |
-2.54 |
Vanuatu |
-8.29 |
Serbia |
-2.47 |
Belgium |
-8.26 |
Democratic Republic of the Congo |
-2.15 |
Philippines |
-8.26 |
Burkina Faso |
-2.03 |
Colombia |
-8.18 |
Guatemala |
-2.00 |
Kuwait |
-8.08 |
Mongolia |
-2.00 |
South Africa |
-8.00 |
Mali |
-1.98 |
Malta |
-7.92 |
Korea |
-1.88 |
Bolivia |
-7.90 |
Lithuania |
-1.84 |
Albania |
-7.53 |
Comoros |
-1.82 |
Kosovo |
-7.50 |
The Gambia |
-1.80 |
Puerto Rico |
-7.50 |
Somalia |
-1.50 |
Hong Kong SAR |
-7.47 |
Indonesia |
-1.50 |
Ukraine |
-7.20 |
Kiribati |
-1.10 |
Iceland |
-7.15 |
Djibouti |
-1.00 |
Thailand |
-7.15 |
Central African Republic |
-0.96 |
Canada |
-7.14 |
Senegal |
-0.69 |
Slovak Republic |
-7.09 |
Chad |
-0.67 |
Tunisia |
-7.04 |
Eritrea |
-0.63 |
Republic of Congo |
-7.00 |
Tuvalu |
-0.52 |
St. Vincent and the Grenadines |
-6.99 |
Mozambique |
-0.50 |
Morocco |
-6.97 |
Pakistan |
-0.39 |
Timor-Leste |
-6.80 |
Uganda |
-0.29 |
Cabo Verde |
-6.77 |
Togo |
0.00 |
Austria |
-6.72 |
Nepal |
0.02 |
Slovenia |
-6.70 |
Taiwan Province of China |
0.05 |
United Arab Emirates |
-6.57 |
Brunei Darussalam |
0.10 |
Honduras |
-6.55 |
Lao P.D.R. |
0.20 |
Bosnia and Herzegovina |
-6.50 |
Niger |
0.50 |
São Tomé and Príncipe |
-6.50 |
Bhutan |
0.57 |
Czech Republic |
-6.50 |
Malawi |
0.60 |
Cyprus |
-6.44 |
Uzbekistan |
0.70 |
Hungary |
-6.10 |
Nauru |
0.71 |
New Zealand |
-6.07 |
Ghana |
0.93 |
Equatorial Guinea |
-6.02 |
Tajikistan |
1.00 |
Chile |
-6.00 |
Kenya |
1.05 |
Singapore |
-6.00 |
Guinea |
1.45 |
Latvia |
-6.00 |
Vietnam |
1.60 |
Malaysia |
-6.00 |
Turkmenistan |
1.78 |
Dominican Republic |
-5.99 |
Côte d'Ivoire |
1.80 |
Germany |
-5.98 |
China |
1.85 |
Israel |
-5.89 |
Tanzania |
1.90 |
Namibia |
-5.86 |
Ethiopia |
1.95 |
Brazil |
-5.80 |
Rwanda |
1.99 |
Luxembourg |
-5.80 |
Myanmar |
1.99 |
Trinidad and Tobago |
-5.65 |
Benin |
2.00 |
Nicaragua |
-5.54 |
Egypt |
3.55 |
Costa Rica |
-5.50 |
Bangladesh |
3.80 |
Algeria |
-5.46 |
South Sudan |
4.11 |
Saudi Arabia |
-5.44 |
Guyana |
26.21 |
Netherlands |
-5.40 |
|
|
North Macedonia |
-5.40 |
||
Switzerland |
-5.30 |
||
Japan |
-5.27 |
||
Estonia |
-5.20 |
||
Jordan |
-5.00 |
||
Afghanistan |
-5.00 |
||
Georgia |
-5.00 |
||
Yemen |
-5.00 |
||
Samoa |
-5.00 |
In South Asia, Afghanistan, India, Maldives, Pakistan and Sri-Lanka are projected to contract while Nepal and Bhutan are expected to maintain the 2019 level. The only economy in South Asia that is projected to achieve a growth of 3.8 percent is Bangladesh.
The recovery of the economies seems to be broadly V shaped. In 2021, 133 economies will remain below the pre-COVID level of output (2019) while in 2022, 65 economies will fail to reach the pre-Covid level of output. The number of economies failing to achieve the Pre-COVID level of output has been projected to be 32 and 18.
Source : IMF
A glimpse of the economies has been provided below. The economies highlighted in Red are those failing to achieve Pre-Covid output.
Country |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Afghanistan |
100 |
95.0 |
98.8 |
103.3 |
107.9 |
112.2 |
Albania |
100 |
92.5 |
98.1 |
103.8 |
108.3 |
112.0 |
Algeria |
100 |
94.5 |
97.5 |
100.0 |
101.2 |
102.2 |
Angola |
100 |
96.0 |
99.1 |
102.0 |
106.1 |
110.1 |
Antigua and Barbuda |
100 |
82.7 |
86.6 |
96.2 |
104.1 |
108.3 |
Argentina |
100 |
88.2 |
92.5 |
94.9 |
97.0 |
99.1 |
Armenia |
100 |
95.5 |
98.9 |
103.9 |
109.0 |
114.1 |
Aruba |
100 |
80.3 |
87.5 |
91.5 |
92.8 |
94.0 |
Australia |
100 |
95.8 |
98.7 |
101.4 |
104.0 |
106.8 |
Austria |
100 |
93.3 |
97.6 |
99.7 |
101.6 |
103.4 |
Azerbaijan |
100 |
96.0 |
97.9 |
99.4 |
101.1 |
102.8 |
The Bahamas |
100 |
85.2 |
89.1 |
94.1 |
97.9 |
100.0 |
Bahrain |
100 |
95.1 |
97.2 |
100.0 |
102.8 |
105.9 |
Bangladesh |
100 |
103.8 |
108.4 |
117.0 |
125.5 |
134.7 |
Barbados |
100 |
88.4 |
94.9 |
98.7 |
100.5 |
102.3 |
Belarus |
100 |
97.0 |
99.1 |
101.1 |
102.0 |
102.7 |
Belgium |
100 |
91.7 |
96.6 |
99.2 |
101.4 |
103.1 |
Belize |
100 |
84.0 |
90.7 |
95.3 |
98.1 |
100.1 |
Benin |
100 |
102.0 |
107.1 |
114.6 |
122.6 |
131.2 |
Bhutan |
100 |
100.6 |
100.1 |
105.9 |
113.3 |
122.5 |
Bolivia |
100 |
92.1 |
97.3 |
101.4 |
105.5 |
109.4 |
Bosnia and Herzegovina |
100 |
93.5 |
98.2 |
102.1 |
105.7 |
109.4 |
Botswana |
100 |
90.4 |
98.2 |
102.5 |
106.7 |
111.0 |
Brazil |
100 |
94.2 |
96.9 |
99.1 |
101.3 |
103.5 |
Brunei Darussalam |
100 |
100.1 |
103.4 |
107.2 |
109.6 |
111.8 |
Bulgaria |
100 |
96.0 |
99.9 |
103.6 |
106.9 |
110.3 |
Burkina Faso |
100 |
98.0 |
101.8 |
107.4 |
113.4 |
119.7 |
Burundi |
100 |
96.8 |
99.8 |
101.8 |
104.0 |
106.4 |
Cabo Verde |
100 |
93.2 |
97.4 |
102.1 |
107.9 |
114.4 |
Cambodia |
100 |
97.2 |
103.8 |
111.4 |
119.6 |
128.4 |
Cameroon |
100 |
97.2 |
100.6 |
104.9 |
109.9 |
115.9 |
Canada |
100 |
92.9 |
97.7 |
101.0 |
103.4 |
105.3 |
Central African Republic |
100 |
99.0 |
102.0 |
107.1 |
112.5 |
118.1 |
Chad |
100 |
99.3 |
105.4 |
110.5 |
114.8 |
119.1 |
Chile |
100 |
94.0 |
98.2 |
101.4 |
104.4 |
107.2 |
China |
100 |
101.9 |
110.2 |
116.6 |
123.3 |
130.3 |
Colombia |
100 |
91.8 |
95.5 |
99.0 |
102.8 |
106.8 |
Comoros |
100 |
98.2 |
101.0 |
104.9 |
109.1 |
113.5 |
Democratic Republic of the Congo |
100 |
97.9 |
101.4 |
105.9 |
110.4 |
115.7 |
Republic of Congo |
100 |
93.0 |
92.2 |
94.0 |
96.5 |
98.0 |
Costa Rica |
100 |
94.5 |
96.7 |
100.0 |
103.0 |
106.1 |
Côte d'Ivoire |
100 |
101.8 |
108.1 |
115.1 |
122.6 |
130.6 |
Croatia |
100 |
91.0 |
96.5 |
100.7 |
104.2 |
107.4 |
Cyprus |
100 |
93.6 |
98.0 |
101.6 |
105.1 |
108.0 |
Czech Republic |
100 |
93.5 |
98.3 |
102.5 |
106.6 |
109.8 |
Denmark |
100 |
95.5 |
98.8 |
101.3 |
103.4 |
105.2 |
Djibouti |
100 |
99.0 |
105.9 |
112.8 |
120.1 |
127.4 |
Dominica |
100 |
91.2 |
94.2 |
97.2 |
100.2 |
101.9 |
Dominican Republic |
100 |
94.0 |
97.8 |
102.6 |
107.8 |
113.1 |
Ecuador |
100 |
89.0 |
93.2 |
94.4 |
96.0 |
98.0 |
Egypt |
100 |
103.5 |
106.4 |
111.7 |
117.6 |
123.8 |
El Salvador |
100 |
91.0 |
94.7 |
97.7 |
100.5 |
103.0 |
Equatorial Guinea |
100 |
94.0 |
96.0 |
91.5 |
90.3 |
88.8 |
Eritrea |
100 |
99.4 |
105.1 |
109.0 |
113.2 |
117.7 |
Estonia |
100 |
94.8 |
99.1 |
102.7 |
106.0 |
109.2 |
Eswatini |
100 |
96.5 |
97.9 |
98.7 |
99.7 |
101.6 |
Ethiopia |
100 |
101.9 |
101.9 |
111.0 |
120.8 |
131.2 |
Fiji |
100 |
79.0 |
88.1 |
95.6 |
100.4 |
104.4 |
Finland |
100 |
96.0 |
99.5 |
101.4 |
103.2 |
104.5 |
France |
100 |
90.2 |
95.7 |
98.4 |
100.7 |
102.6 |
Gabon |
100 |
97.3 |
99.4 |
103.3 |
107.6 |
112.5 |
The Gambia |
100 |
98.2 |
104.1 |
111.2 |
119.0 |
126.7 |
Georgia |
100 |
95.0 |
99.7 |
105.7 |
111.9 |
118.0 |
Germany |
100 |
94.0 |
98.0 |
101.0 |
102.8 |
104.1 |
Ghana |
100 |
100.9 |
105.2 |
109.5 |
117.6 |
123.0 |
Greece |
100 |
90.5 |
94.2 |
99.5 |
103.2 |
105.7 |
Grenada |
100 |
88.2 |
90.9 |
95.6 |
100.4 |
103.8 |
Guatemala |
100 |
98.0 |
101.9 |
105.7 |
109.4 |
112.9 |
Guinea |
100 |
101.4 |
108.2 |
115.8 |
121.8 |
127.9 |
Guinea-Bissau |
100 |
97.1 |
100.0 |
104.0 |
109.2 |
114.7 |
Guyana |
100 |
126.2 |
136.5 |
176.7 |
216.1 |
220.7 |
Haiti |
100 |
96.0 |
97.2 |
98.1 |
99.2 |
100.4 |
Honduras |
100 |
93.5 |
98.1 |
101.3 |
104.8 |
108.6 |
Hong Kong SAR |
100 |
92.5 |
95.9 |
99.2 |
102.0 |
104.8 |
Hungary |
100 |
93.9 |
97.6 |
101.5 |
105.3 |
108.7 |
Iceland |
100 |
92.8 |
96.7 |
99.3 |
100.9 |
102.8 |
India |
100 |
89.7 |
97.6 |
105.4 |
113.4 |
121.9 |
Indonesia |
100 |
98.5 |
104.5 |
110.1 |
115.8 |
121.6 |
Islamic Republic of Iran |
100 |
95.0 |
98.0 |
99.5 |
101.0 |
102.2 |
Iraq |
100 |
87.9 |
90.2 |
93.0 |
97.7 |
99.0 |
Ireland |
100 |
97.0 |
101.8 |
106.1 |
109.9 |
113.0 |
Israel |
100 |
94.1 |
98.7 |
103.2 |
107.9 |
112.4 |
Italy |
100 |
89.4 |
94.0 |
96.5 |
98.1 |
99.0 |
Jamaica |
100 |
91.4 |
94.8 |
98.3 |
101.2 |
103.7 |
Japan |
100 |
94.7 |
96.9 |
98.5 |
99.7 |
100.7 |
Jordan |
100 |
95.0 |
98.2 |
101.1 |
104.1 |
107.5 |
Kazakhstan |
100 |
97.3 |
100.3 |
104.5 |
110.5 |
114.0 |
Kenya |
100 |
101.0 |
105.8 |
112.2 |
118.7 |
125.5 |
Kiribati |
100 |
98.9 |
101.8 |
103.8 |
105.7 |
107.6 |
Korea |
100 |
98.1 |
100.9 |
104.1 |
107.1 |
109.9 |
Kosovo |
100 |
92.5 |
98.1 |
101.7 |
105.5 |
109.7 |
Kuwait |
100 |
91.9 |
92.5 |
95.5 |
97.8 |
100.2 |
Kyrgyz Republic |
100 |
88.0 |
96.6 |
104.2 |
110.9 |
115.5 |
Lao P.D.R. |
100 |
100.2 |
105.0 |
110.9 |
117.4 |
124.2 |
Latvia |
100 |
94.0 |
98.9 |
103.9 |
109.0 |
112.8 |
Lesotho |
100 |
95.2 |
98.9 |
103.1 |
106.9 |
108.7 |
Liberia |
100 |
97.0 |
100.1 |
104.2 |
109.3 |
115.1 |
Libya |
100 |
33.3 |
58.7 |
90.9 |
99.2 |
99.5 |
Lithuania |
100 |
98.2 |
102.1 |
106.0 |
109.4 |
111.9 |
Luxembourg |
100 |
94.2 |
99.7 |
103.5 |
106.7 |
109.4 |
Macao SAR |
100 |
47.7 |
59.1 |
76.8 |
96.1 |
104.0 |
Madagascar |
100 |
96.8 |
99.9 |
104.7 |
110.2 |
115.9 |
Malawi |
100 |
100.6 |
103.1 |
109.8 |
117.0 |
124.3 |
Malaysia |
100 |
94.0 |
101.3 |
107.4 |
113.5 |
119.6 |
Maldives |
100 |
81.4 |
91.8 |
101.9 |
109.5 |
116.9 |
Mali |
100 |
98.0 |
101.9 |
108.1 |
113.5 |
119.1 |
Malta |
100 |
92.1 |
96.5 |
101.9 |
106.6 |
111.4 |
Marshall Islands |
100 |
95.5 |
94.6 |
98.0 |
100.2 |
102.2 |
Mauritania |
100 |
96.8 |
98.7 |
102.9 |
109.1 |
114.8 |
Mauritius |
100 |
85.8 |
94.3 |
100.4 |
104.6 |
108.3 |
Mexico |
100 |
91.0 |
94.3 |
96.4 |
98.5 |
100.5 |
Micronesia |
100 |
96.2 |
97.4 |
97.9 |
98.5 |
99.1 |
Moldova |
100 |
95.5 |
99.4 |
103.4 |
107.7 |
112.3 |
Mongolia |
100 |
98.0 |
103.9 |
109.6 |
115.1 |
120.8 |
Montenegro |
100 |
88.0 |
92.8 |
96.7 |
99.7 |
102.7 |
Morocco |
100 |
93.0 |
97.6 |
101.1 |
104.8 |
108.6 |
Mozambique |
100 |
99.5 |
101.6 |
106.4 |
115.5 |
128.3 |
Myanmar |
100 |
102.0 |
107.8 |
114.5 |
121.8 |
129.6 |
Namibia |
100 |
94.1 |
97.4 |
100.9 |
104.1 |
106.8 |
Nauru |
100 |
100.7 |
102.0 |
102.9 |
103.7 |
104.3 |
Nepal |
100 |
100.0 |
102.5 |
108.6 |
114.3 |
120.1 |
Netherlands |
100 |
94.6 |
98.4 |
100.4 |
102.1 |
103.7 |
New Zealand |
100 |
93.9 |
98.0 |
100.6 |
103.1 |
105.7 |
Nicaragua |
100 |
94.5 |
94.0 |
96.5 |
98.5 |
100.2 |
Niger |
100 |
100.5 |
107.4 |
121.2 |
135.0 |
143.9 |
Nigeria |
100 |
95.7 |
97.3 |
99.8 |
102.3 |
104.9 |
North Macedonia |
100 |
94.6 |
99.8 |
104.3 |
108.5 |
112.6 |
Norway |
100 |
97.2 |
100.6 |
103.6 |
106.0 |
108.0 |
Oman |
100 |
90.0 |
89.5 |
99.4 |
102.9 |
106.5 |
Pakistan |
100 |
99.6 |
100.6 |
104.7 |
109.4 |
114.9 |
Palau |
100 |
88.6 |
82.0 |
90.5 |
101.3 |
103.1 |
Panama |
100 |
91.0 |
94.6 |
99.4 |
104.3 |
109.6 |
Papua New Guinea |
100 |
96.7 |
97.9 |
100.7 |
103.7 |
106.6 |
Paraguay |
100 |
96.0 |
101.3 |
106.3 |
110.8 |
115.4 |
Peru |
100 |
86.1 |
92.3 |
96.9 |
101.7 |
105.7 |
Philippines |
100 |
91.7 |
98.5 |
104.9 |
111.7 |
118.9 |
Poland |
100 |
96.4 |
100.9 |
105.4 |
109.3 |
112.5 |
Portugal |
100 |
90.0 |
95.8 |
100.4 |
103.4 |
105.4 |
Puerto Rico |
100 |
92.5 |
93.9 |
94.5 |
94.5 |
94.3 |
Qatar |
100 |
95.5 |
97.9 |
101.7 |
103.8 |
106.4 |
Romania |
100 |
95.2 |
99.6 |
103.4 |
107.3 |
111.2 |
Russia |
100 |
95.9 |
98.6 |
100.9 |
103.1 |
105.2 |
Rwanda |
100 |
102.0 |
108.4 |
117.1 |
127.1 |
136.1 |
Samoa |
100 |
95.0 |
93.6 |
96.0 |
98.1 |
100.3 |
San Marino |
100 |
89.0 |
94.0 |
96.8 |
98.2 |
98.8 |
São Tomé and Príncipe |
100 |