2020 will be the worst year since the Great Depression with COVID-19 set to wipe an extraordinary $14 trillion off the global economy.

The International Monetary Fund says the Great Coronavirus Lockdown will see economies shrink dramatically in more than 170 countries, including here in Australia where growth will dive by 6.7 percent and bring nearly three decades of economic sunshine to a shuddering halt.

The decline in international output is forecast to be 30 times greater than during the global financial crisis.

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