Key messages include:
- The forecast shows a more modest adjustment in 2020 compared to the 2009 global financial crisis but the situation varies across countries. Economies dependent on the hardest hit sectors such as tourism and oil and remittance-dependent countries may see a decline in their current account balances exceeding 2 percent of GDP.
- The outlook remains #uncertain as the risks of new waves of the pandemic, capital flow reversals, and a further decline in global trade persist.
- Tariffs and nontariff barriers to trade should be avoided as these are costly for trade and growth.
