The International Monetary Fund (IMF) just issued a report updating its own April forecast of a 3% decline in world GDP, to now predict that the collapse will be 4.9%. France, Italy and Spain are forecast to have drops of over 12%, followed by the UK with over 10% and Germany and the US with or close to 8%, Russia with over 7% and Japan with almost 6%. Only China will show a growth rate—of 1%.