Global growth would be about 0.1 percentage points lower.” Trade disputes are taking a toll on global economy, substantially weakening manufacturing activity and investment and holding back economic potential, Kristalina Georgieva said on Tuesday. "The downgrade from April reflects worse than anticipated outcomes in the first half of this year, an expectation of more persistent social distancing into the second half of this year, and damage to supply potential," IMF Chief Economist Gita Gopinath said in a virtual news conference. RTÉ is not responsible for the content of external internet sites. The IMF said the coronavirus pandemic is taking a severe toll on Europe, with the euro area economy set to plunge by 10.2% this year. “Again, we will have to work on the numbers, but it is very unfortunate that I have to say that that baseline scenario, no longer holds,” the managing director said. All rights reserved. Globally, the number of Covid-19 deaths surged past 477,000 on Wednesday after doubling in less than two months, according to an AFP tally. peace.”, US Trade Representative Robert Lighthizer said that he expects the phase China’s coronavirus epidemic will likely cut 0.1% from global economic growth, and drag down growth for China’s economy to 5.6% this year, the International Monetary Fund said on Saturday. He added that reorienting Asia's growth model toward domestic demand and away from a heavy reliance on exports has begun but will take more time to be completed. Pan Pacific Agency is a News & Analytical Agency on the domestic and cross-border policy, economy and interstate relations of the largest Pacific countries from West America to South-East Asia and Oceania, including Indo-Pacific Region. During the global financial crisis in 2009, these emerging markets, along with China, were booming, supporting the global economy even as advanced nations faced severe recessions. Income per capita is projected to shrink for over 170 countries. Managing Director Kristalina Georgieva said she expects the agreement between The Caixin purchasing managers’ index (PMI) fell to 26.5 in February from 51.8 in January, following the massive deterioration in both the official and private manufacturing sectors amid the outbreak in China. The IMF on Wednesday laid out the unprecedented economic devastation caused by the coronavirus pandemic, as the WHO said it expects the number of global infections to soon hit 10 million as cases surge in the Americas. phase one agreement needs to be implemented “right down to every detail.”, Yes, I would like to receive emails from China Economic Review. © RTÉ 2020. Meanwhile, South Africa's GDP is seen dropping 8%, while oil-producer Nigeria falls 5.4%, the IMF said today. Website maintained by Pan Pacific Agency LLC, Vladivostok (Russia). White House adviser Anthony Fauci warned the next two weeks would be “critical to our ability to address… surgings” in Florida, Texas and other states. Fed’s Brainard backs deploying untested monetary-policy plan in next recession, Historian who has accurately called every election since 1984 says Biden will beat Trump in 2020 race, Mnuchin and Pelosi resume discussions after Trump changes course on fiscal stimulus, We’re on the brink of one of the biggest crises this country has ever seen, Ocasio-Cortez warns, Pence, Harris square off in vice-presidential debate: live blog, Why Sen. Kamala Harris’s telling Vice President Mike Pence, ‘I am speaking,’ is resonating with so many women online, Forget the election, the great COVID-19 stock market divide is all that matters now, says this strategist, U.S. stocks open modestly higher on optimism over fiscal stimulus prospects, Trump says stimulus talks have turned ‘very productive’ after he called off negotiations, 3 ways to de-risk your portfolio in volatile times, IBM stock soars after company says planned spinoff will allow more focus on hybrid cloud opportunity. International Monetary Fund Managing Director Kristalina Georgieva says China has stepped up to help during the coronavirus pandemic. the positive impact for the world, we need to go from trade truce to trade Copyright © 2020 MarketWatch, Inc. All rights reserved. The impact will be most severe on low skilled and low income households who do not have the option of working from home, it added. Rhee noted that Asia's economic growth in the first quarter of 2020 was better than previously projected, partly owing to early stabilization of the virus in some countries. The IMF also said that … Advanced economies are projected to contract 8 percent this year, and emerging markets and developing economies are projected to shrink by 3 percent this year, according to the updated report.
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