Bloomberg Economics economists Tom Orlik and Björn van Roye revised their forecast for global growth in 2020 to -4.7% from -4%.
They predicted a "disastrous" slide to come, and don't expect output to return to pre-virus highs until Q2 of 2021.
Investor hopes for a V-shaped bounce to 2019 highs were all but dashed by a discordant response to the coronavirus pandemic.
A swift recovery required quick-acting stimulus, virus containment in the second quarter, and synchronized lifting of lockdowns.
But that didn't happen.
Business Insider reports the team said many major economies set up the rest of the world for a prolonged recession.
The history of forecast revisions in the age of COVID-19 shows even the bleakest forecasts sometimes aren't bleak enough.
Tom Orlik, Björn van Roye Bloomberg Economics