In the wake of the coronavirus outbreak, the Economist Intelligence Unit (EIU) has revised its growth forecasts for all countries across the world, and the picture is “bleak,” it says in a report.

Across the G20, all but three countries (China, India, and Indonesia) will register a recession this year, it says, finding that the global economy will contract by 2.2%. The U.S. economy will contract by 2.8% this year, partly due to the administration’s initial poor response to the coronavirus, allowing the illness to spread quickly, the report says. “We assume that there will be a recovery in the second half of the year, but downside risks to this baseline scenario are extremely high, as the emergence of second, or third waves of the epidemic would sink growth further,” says Agathe Demarais, the EIU’s global forecasting director.