Pandemic’s Economic Toll Forces IDC to Downgrade Its IT Spending Forecast

Global information technology spending is now expected to decline 5.1% this year to $2.25 trillion, “as the economic impact of the COVID-19 pandemic continues to drive down some categories of tech spending and short-term business investments,” said IDC Monday. Its February forecast before the pandemic hit was for IT spending to increase 4.3%. “Inevitably a major economic recession, in Q2 especially, will translate into some big short-term reductions in IT spending by those companies and industries that are directly impacted," said IDC.