Global Economy Projected to Shrink 4.4 Pct in 2020: IMF

Economy

Washington, Oct. 13 (Jiji Press)--The global economy is projected to shrink 4.4 pct in 2020, the International Monetary Fund said Tuesday, revising up its forecast by 0.8 percentage point from June.

The upward revision reflected a halt to the deterioration in advanced and Chinese economies caused by the novel coronavirus pandemic, according to the IMF's latest World Economic Outlook report.

Still, the IMF said that "the global economy's long ascent back to prepandemic levels of activity remains prone to setbacks."

The IMF projected that the economic losses related to the coronavirus crisis will reach a total of 28 trillion dollars by the end of 2025.

"The global economy is in the grip of the most devastating public health crisis and its worst recession in decades," the latest report said.

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