The International Monetary Fund (IMF) projected the global economy would shrink by 3% in 2020 amid the global coronavirus pandemic, according to a report released on Tuesday.

In its latest World Economic Outlook — released before the annual conference of the IMF and World Bank on Wednesday, the fund downgraded its growth forecast by 6.3 percentage points from its previous report as isolation, lockdowns and widespread closures to contain the virus hit the economy.

“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

Read more: IMF: World economy to contract by 3% in 2020