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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Illustration: Sarah Grillo/Axios

The coronavirus pandemic will bring about the worst economic downturn since the Great Depression, the IMF predicted Tuesday in its latest World Economic Outlook — and that is its optimistic outlook.

The state of play: The Fund admitted in a rare show of doomsaying that damage could be far worse than its projections and that while there's some chance they could be positively surprised, "downside risks prevail."

Why it matters: The organization's baseline expectation is for a recession "far worse" than the 2008 financial crisis, with global GDP contracting by 3% this year. That's a drastic downgrade from its forecast of 6.3% growth in January, and 30 times worse than the economic decline in 2008.

  • "This is a truly global crisis, as no country is spared," IMF chief economist Gita Gopinath said during a media briefing.

The big picture: Global GDP is expected to face a cumulative loss of about $9 trillion — larger than the economies of Japan and Germany combined. That is what happens in the IMF's rosy scenario in which the coronavirus is contained quickly and the world swiftly resumes economic activity.

  • "The pandemic may not recede in second half of this year, leading to longer containment periods, worsening financial conditions and further breakdowns in global supply chains," Gopinath warned.
  • "In such cases, global growth will fall even further, by an additional 3% in 2020, and if the health crisis rolls over into 2021 it can reduce the level of global GDP by an additional 8% compared to the baseline."

Where it stands: The IMF is recommending coordinated fiscal stimulus, a moratorium on debt payment and debt restructurings, and additional financing and grants for the world's poorest countries.

  • Tobias Adrian, head of the IMF's monetary and capital markets department, says the Fund already has received a record number of requests for lending and funding from developing economies, with more than half of the IMF's membership having now requested assistance.

What to watch: Finance ministers and central bank leaders from the G7 nations met again Tuesday and again announced no new coordinated measures to bolster the global economy at large.

  • That so-far-missing effort is exactly what the IMF says will be necessary to contain the economic crisis to its baseline projections.

Go deeper: Coronavirus could force the world into an unprecedented depression

Go deeper

In photos: Tokyo Olympics day 12 highlights

Team USAs Sydney McLaughlin in front of the timer after winning the 400m hurdles in record time at the Tokyo Olympics. Photo: Wally Skalij /Los Angeles Times via Getty Images

Day 12 of the Tokyo Olympic Games saw American Sydney McLaughlin break her own world record to win gold in the women's 400-meter hurdles final on Wednesday.

Of note: Japan won a third Olympic skateboarding gold, as two teenagers and a 12-year-old swept the podium for the inaugural women's park skateboarding event.

Updated 1 hour ago - Sports

Olympics dashboard

Team USA's Sydney Mclaughlin (L) and Dalilah Muhammad celebrate winning gold and silver, respectively, in the women's 400-meter hurdles final on day 12 of the Olympic Games in Tokyo, Japan, on Wednesday. Photo: Andrej Isakovic-Pool/Getty Images

🥇: Sydney McLaughlin breaks own world record to win gold in 400m hurdles

🤼🏿‍♀️ "Making history": Mensah-Stock first Black woman to win Olympic wrestling gold

🛹: 2 teens and girl, 12, sweep board at women's park skateboarding

🦠: Greece's artistic swimming team to miss Olympics after COVID outbreak

🛫: Belarus sprinter Krystsina Tsimanouskaya departs Tokyo for Vienna

.📷: In photos: Tokyo Olympics day 12 highlights

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Biden to GOP governors who resist COVID rules: "Get out of the way"

President Biden speaks at the White House on Tuesday. Photo: Shawn Thew/EPA/Bloomberg via Getty Images

President Biden spoke out Tuesday against Republican governors who've sought to block vaccine and mask mandates, as COVID-19 cases spike across the U.S.

Why it matters: Biden has tried to avoid making the pandemic a partisan issue, but the Washington Post notes the White House "has grown increasingly frustrated" with Republican leaders looking to obstruct health measures.