The IMF anticipated a modest correction to world GDP of 0.1%, and the biggest cut in growth estimates for 2020 was 0.4%.

Those days are over.The latest round of world growth reviews includes a reduction in growth estimates for the first and second quarters and a very modest recovery in the third and fourth quarters. Estimates of average GDP are now down 0.7%, and JP Morgan expects the eurozone to enter a deep recession in the next two quarters (-1.8% and -3.3% in the first and second quarters), followed by a very poor recovery that would still leave the estimate for the entire year 2020 in contraction.