IMF predicts deeper recession from COVID-19 shock but see Australia as a bright spot amid pessimism

The deepening damage from the spread of the coronavirus has forced the International Monetary Fund to slash its forecasts for the global economy even further. 

In its latest update, the IMF says global growth will shrink by 4.9 percent although the outlook for Australia is the one bright spot in a sea of pessimism with a softer than expected contraction of 4.5 percent.

ABC's Peter Ryan with this analysis