The pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.
The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday.
Coronavirus cases are still rising in India, though slowly. The rigorous lockdown imposed at the end of March appears to have slowed down its spread.
The head IMF has signaled a possible downward revision of global economic forecasts, and warned the United States and China against rekindling a trade war that could weaken a recovery from the coronavirus pandemic.
The Asian Development Bank (ADB) approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen economy besides approving $300 million to support energy sector reforms.
The International Monetary Fund (IMF) urged the Bank of Japan (BoJ) to consider steps to ease the strains caused by its ultra-loose policy on financial institutions, such as targeting a shorter maturity for its long-term bond yield target.
The impact on growth in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region from global headwinds has been muted thus far. However, growth remains too low to meet the needs of growing populations,
News from the economic front is a mixed bag. By all accounts the immediate outlook is bad. But the chances of an early recovery are said to be bright.
World stocks spluttered to their lowest level in more than a week on Thursday, as a surge in US coronavirus cases and an IMF warning of an almost 5% plunge in the global economy this year hit the bulls again.