Jul 30, 2020: IMF predicts economic recovery in Pakistan next year: Pakistan Economy: 0: Jul 10, 2020: IMF sees China economy to grow 1%, US GDP to shrink 8%, EU to contract 10.2% this year: World Affairs: 3: Jun 26, 2020 The IMF also said that …

— AFP, IMF chief says global economy ‘less dire’ but long climb ahead, IMF raises Colombia's credit line to US$17.2b, IMF says global economic outlook better than June prediction. The G20 Surveillance Note, as the report is known, said the recovery in the member economies is “fragile and likely to be shallow,” too low to raise living standards or provide sufficient jobs for young people entering the workforce. Apple, which relies on Chinese production, warned this week that iPhone supplies will be constrained. The U.S. economy is expected to contract by 8% in 2020, but the IMF sees it rebounding 4.5% in 2021—slightly lower than the 4.7% it had previously forecast in April. The International Monetary Fund on Wednesday again warned that risks to the global economy “remain skewed to the downside,” in its customary report for the Group of 20 finance ministers and central bank governors who will be meeting in Saudi Arabia over the weekend. Emerging market and developing economies with normal growth levels well above advanced economies are also projected to have negative growth rates of -1.0 percent in 2020, and -2.2 percent if you exclude China. The United States is forecast to shrink by 8%, Germany slightly less, while France, Italy, Spain and Britain would all suffer double-digit contractions. “A long-lasting and more severe outbreak would result in a sharper and more protracted growth slowdown in China,” she wrote. China’s current account surplus of 1.0% in 2019, projected to grow to 1.3% in 2020, was broadly in line with economic fundamentals, the IMF said in the report. Your browser is not up-to-date. The virus to date has left nearly 1,900 dead and sickened 72,000 in China, cutting off transportation and forcing many businesses to close their doors. For this year, growth in advanced economies is projected at -6.1 percent. “Its global impact would be amplified through more substantial supply chain disruptions and a more persistent drop in investor confidence, especially if the epidemic spreads beyond China.”. However, it “only addresses a small share of the recently imposed tariffs and specifies minimum increases in China’s imports from the United States,” the IMF chief said. Your browser is not up-to-date. Today's outlook from the IMF also predicts that the US economy will contract 8% in 2020, but China will eke out 1% growth. The IMF forecast that China, where the virus emerged late last year, would be the only economy that grows this year, by just 1%. The “phase one” US-China deal prevented even more tariffs from taking effect and the IMF estimates it “will reduce the drag from trade tensions on the level of GDP in 2020 by 0.2 per cent.”. But she warned that the situation could worsen, with more dire consequences for other countries as the impacts spill over. For optimum experience we recommend to update your browser to the latest version. IMF Managing Director Kristalina Georgieva speaks at a news conference ahead of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2020. In addition, the deal relies on “managed trade arrangements” — with specific targets for China to purchase from the United States — which “have the potential to distort trade and investment while harming global growth.”. “In fact, our estimates suggest that the managed trade provisions cost the global economy close to US$100 billion dollars,” she said. As reported by The Wall Street Journal, the IMF officially green-lighted the acceptance of China’s currency – the Yuan – into the IMF’s foreign exchange basket. This marks the first time in history the IMF has expanded the number of currencies in the foreign exchange basket. Beset by many other risks, including the paused but still-unresolved US-China trade war, the world is not in a good position to deal with a prolonged impact, she wrote in a blog post. For optimum experience we recommend to update your browser to the latest version. Amid the troubling year, however, the IMF sees emerging Asia as the one region with a positive growth rate in 2020, at 1%. “Even in the best-case scenarios, however, the projected rate of global growth is still modest in too many parts of the world,” Georgieva said. Income per capita is projected to shrink for over 170 countries. “The truth is that uncertainty is becoming the new normal,” she said. In January, the IMF had estimated 3.4% growth for global GDP in 2021; this has now been revised up to 5.8% (although growth is expected to be coming from a lower base following 2020… Georgieva repeated the fund’s view that the new coronavirus is likely to have only a short-term effect, marked by a sharp decline in China’s GDP followed by a sharp recovery. WASHINGTON, Feb 19 — In the best-case scenario, the economic hit from the epidemic in China will be short-lived, but it comes as the global economy remains fragile, IMF chief Kristalina Georgieva said today.

The Washington-based crisis lender in January downgraded its forecast for global growth this year to 3.3 per cent, despite relief over the truce in the US-China trade conflict that led to tariffs on billions of dollars in goods. It is a stark reminder of how a fragile recovery could be threatened by unforeseen events.”.

And now, the IMF has made the first move.

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