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updated 10:20 AM UTC, Dec 13, 2023

COVID-19 Disrupted Global Economic Recovery – IMF

Unic Press UK: Coronavirus, which originated in Wuhan, China, and has been spreading to other countries, has created additional problems, putting the recovery process of the global economic at risk, the IMF said Sunday in Riyadh.

In her remarks on the  Economic Impact of COVID-19, during the G20 Finance Ministers and Central Bank Governors Meeting, the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva said:

“In January, we projected global growth to strengthen from 2.9 percent last year to 3.3 percent this year. Since then, COVID-19—a global health emergency—has disrupted activity in China. In our current baseline scenario, announced policies are implemented and China’s economy would return to normal in the second quarter. As a result, the impact on the world economy would be relatively minor and short-lived. In this scenario, 2020 growth for China would be 5.6 percent. This is 0.4 percentage points lower than the January WEO Update. Global growth would be about 0.1 percentage points lower.”

In January, the IMF made a forecast that the global growth would strengthen from 2.9 percent last year to 3.3 percent this year, but, given the outbreak/spread of COVID-19—a global health emergency—this projection appears not realizable given that this disease has disrupted economic activities in China— the world’s 2nd largest economy, the IMF added.

The report Sunday morning by the Chinese authorities is that the total number of COVID-19 infections in the Hubei Province – the epicenter of the coronavirus outbreak – climbed to 64,287 with 16,738 recovered and 2,495 dead.

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