2020: -4.9%  Contraction during the Great Depression (1929-32): about -10%  02  04  06  08  10  IMF's projections 12  14  16  18  20  1  Chart 2  I.
Economic and Financial Developments  Business Sentiment Global PMI 60  Business Conditions DI (Tankan)  s.a., DI  40  DI ("favorable" - "unfavorable"), % points All industries Manufacturing Nonmanufacturing  55 20  Firms' projections  50 45  0  40 35  -20  Manufacturing  30  "Favorable"  Services  -40  25 20 CY 18  19  "Unfavorable"  -60 CY 18  20  19  20  Note: In the left chart, figures for manufacturing are the "J.P.Morgan Global Manufacturing PMI" and those for services are the "J.P.Morgan Global Services Business Activity Index."