Economists at the International Monetary Fund now say the global economy will contract even more sharply than they expected in estimates released in April, which called for the steepest recession since the Great Depression.

The IMF said on Wednesday the global economy will shrink 4.9% this year, compared with its April estimate of 3%. The international lending institution downgraded its 2020 forecast for all major economies, citing economic data that was even grimmer than expected in April.