The International Monetary Fund (IMF) estimated that the global economy loss caused by COVID-19 to reach USD12.5 billion. In its World Economic Outlook report, the IMF predicted that the global economic growth will fall by 4.9%, and then rise by 5.4% in the next year. Countries in Europe such as Italy, Spain, France, and England are projected to contract each by at least two digits. While the US is likely to slow by 8%.