Global EditionASIA 中文雙語(yǔ)Fran?ais
    Business
    Home / Business / Policies

    IMF projects global economy to contract by 3% in 2020 due to COVID-19 pandemic

    Xinhua | Updated: 2020-04-15 14:57
    Share
    Share - WeChat
    International Monetary Fund (IMF) chief economist Gita Gopinath speaks at a virtual press briefing in Washington DC, the United States, April 14, 2020.[Photo/Xinhua]

    WASHINGTON - The global economy is on track to contract "sharply" by 3 percent in 2020 as a result of the COVID-19 pandemic, much worse than during the 2008-09 financial crisis, according to a World Economic Outlook (WEO) report released by the International Monetary Fund (IMF) on Tuesday.

    "The world has changed dramatically in the three months since our last update of World Economic Outlook in January," IMF Chief Economist Gita Gopinath said at a virtual press conference, noting that the latest projection is 6.3 percentage points lower than the previous estimation.

    "As countries implement needed containment measures to control the pandemic, the world has been put in a great lockdown," Gopinath said. "The magnitude and speed of collapse in activity that has followed is unlike anything experienced in our lifetimes."

    In addition, many countries face multiple challenges, including health crises, financial crises, and a collapse in commodity prices, all of which "interact in complex ways," she said.

    While noting that policy makers are responding in an "unprecedented" manner by helping households, firms and financial markets, the IMF chief economist said there is still "considerable uncertainty about what the economic landscape will look like when we emerge from this lockdown."

    Calling it the "worse recession" since the Great Depression of the 1930s, Gopinath said the cumulative global output loss across 2020 and 2021 is expected to reach about 9 trillion U.S. dollars, greater than the economies of Japan and Germany combined.

    "Assuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses and system-wide financial strength, we project global growth in 2021 to rebound to 5.8 percent," she said, stressing that the recovery is "only partial."

    The latest WEO showed that advanced economies will shrink significantly by 6.1 percent in 2020, and emerging market and developing economies, which typically have growth levels well above advanced economies, will decline by 1.0 percent.

    Noting that this is a baseline scenario, the IMF chief economist said in a more adverse scenario, global gross domestic product (GDP) could fall even further by an additional 3 percent in 2020 if the pandemic does not recede in the second half of this year.

    Flattening the spread of COVID-19 using lockdowns allows health systems to cope with the disease, which then permits a resumption of economic activity, said the IMF chief, urging countries to continue to spend generously on their health systems, perform widespread testing, and refrain from trade restrictions on medical supplies.

    In response to a question from Xinhua, Gopinath said this is not a time to restrict the trade of medical supplies and essential equipment around the world, and that "it is very important that this does not become a feature where we reverse all the gains that we've got from globalization."

    "The world needs a healthy recovery. It needs a strong recovery. And that will not come about if the world de-globalizes because that would severely reduce productivity in the world. And that's the last thing we want at this time," she said.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    91精品久久久久久无码| 中文有码vs无码人妻| 午夜无码伦费影视在线观看| 中文字幕日本人妻久久久免费| 色综合久久无码中文字幕| 亚洲国产人成中文幕一级二级| 无码国内精品久久人妻麻豆按摩 | 99精品一区二区三区无码吞精| 免费无码又爽又刺激一高潮| 中文字字幕在线一本通| 国产精品一区二区久久精品无码| 亚洲热妇无码AV在线播放| 欧美日韩中文字幕久久久不卡| 熟妇人妻VA精品中文字幕| 无码精品人妻一区| 精品亚洲成α人无码成α在线观看| 无码专区天天躁天天躁在线| 中文字幕日韩精品无码内射 | 人妻丰满熟妇aⅴ无码| 最近免费2019中文字幕大全| 熟妇人妻久久中文字幕| 无码人妻精品中文字幕免费| 中文字幕无码无码专区| 五十路熟妇高熟无码视频| 极品粉嫩嫩模大尺度无码视频 | 99无码人妻一区二区三区免费| 无码人妻精品一区二区三区99仓本 | 久久精品中文字幕一区| 台湾佬中文娱乐网22| 日韩AV无码中文无码不卡电影| 中文字幕无码精品三级在线电影| 中文字幕在线观看亚洲视频| 亚洲av无码成人精品区在线播放| 久久久久亚洲AV无码专区网站| 国产成人无码精品一区在线观看| 2024最新热播日韩无码| 久久久久无码中| 中文字幕无码免费久久| 最近高清中文字幕免费| 天堂Aⅴ无码一区二区三区| 亚洲午夜无码久久久久|