The Fact News Service
As quoted in The Tribune ,the IMF on Tuesday predicted a deep global recession this year and the world growth to be -4.4%, asserting that the global economic crisis is far from over mainly due to the impact of the coronavirus pandemic.
“This crisis is however far from over. In our latest World Economic Outlook, we continue to project a deep recession in 2020. Global growth is projected to be -4.4%, an upward revision of 0.8 percentage points compared to our June update,” Gita Gopinath, the Chief Economist of the IMF, said.
This upgrade owes to somewhat less dire outcomes in the second quarter, as well as signs of a stronger recovery in the third quarter, offset partly by downgrades in some emerging and developing economies.
According to various reports, in 2021, growth is projected to rebound to 5.2%, -0.2 percentage points below its June projection. — PTI
(story sourced through inputs from agencies)