AGL57.99▼ -1.4 (-0.02%)AIRLINK188.76▲ 1.95 (0.01%)BOP13.23▲ 1.06 (0.09%)CNERGY7.26▲ 0.15 (0.02%)DCL8.72▲ 0 (0.00%)DFML51.71▼ -0.38 (-0.01%)DGKC110.07▲ 5 (0.05%)FCCL38.71▲ 1.63 (0.04%)FFL14.84▲ 0.15 (0.01%)HUBC134.41▲ 2.68 (0.02%)HUMNL13.33▲ 0.08 (0.01%)KEL4.23▲ 0.02 (0.00%)KOSM5.85▼ -0.12 (-0.02%)MLCF46.89▲ 1.24 (0.03%)NBP79.65▲ 2.99 (0.04%)OGDC205.74▲ 6.3 (0.03%)PAEL39.08▲ 1.49 (0.04%)PIBTL7.84▲ 0.08 (0.01%)PPL174.61▲ 4.07 (0.02%)PRL33.68▲ 0.77 (0.02%)PTC23.08▼ -0.23 (-0.01%)SEARL98.52▲ 2.9 (0.03%)TELE8.06▲ 0.04 (0.00%)TOMCL32.2▼ -0.21 (-0.01%)TPLP12.2▲ 0.47 (0.04%)TREET21.06▲ 0.22 (0.01%)TRG60.3▼ -1.96 (-0.03%)UNITY29.59▲ 0.31 (0.01%)WTL1.5▲ 0.03 (0.02%)

IMF revises down 2020 Asian economy forecast to 2.2pc contraction

Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]

Washington, D.C

International-Monetary-FundThe International Monetary Fund (IMF) revised down its 2020 forecast for the Asian economy to a contraction of 2.2 percent, calling it “the worst outcome for this region in living memory.”
The latest forecast is a downgrade compared with the projection of a 1.6 percent contraction in June.
The IMF’s latest Regional Economic Outlook shows that a recovery started in the third quarter, though growth engines are not all firing with the same strength across all countries, leading to a “multispeed recovery,” Jonathan D.Ostry, acting director of the IMF’s Asia and Pacific Department, said during a virtual news conference.
The outlook varies by country depending on infection rates and containment measures, the scale and effectiveness of the policy response, reliance on contact-intensive activities, and reliance on external demand, according to the report.
Advanced economies, while still in recession, are expected to do somewhat better than expected in 2020, reflecting a faster pickup in activity following earlier exit from lockdowns, Ostry noted.
Australia will see a contraction of 4.2 percent in 2020, and Japan’s economy will shrink by 5.3 percent. South Korea will contract by 1.9 percent, while New Zealand is expected to see a sharp contraction of 6.1 percent.—Agencies

Related Posts

Get Alerts