China News Service, Washington, June 8 (Reporter Shahan Ting) The World Bank released the "Global Economic Outlook" report on the 8th local time, saying that due to the impact of the new coronary pneumonia epidemic, the global economy is expected to shrink by 5.2% in 2020.
The report said that the global coronary economy will be in recession in 2020 due to the new coronary pneumonia epidemic and the prevention and control measures taken by various countries to combat the epidemic, and rely heavily on trade, tourism, commodity exports and external financing and weak medical systems. Economies are hit hardest by the epidemic.
The report predicts that the economy of advanced economies will shrink by 7% in 2020. Among them, the economies of the United States, the euro area, and Japan will shrink by 6.1%, 9.1%, and 6.1%, respectively. The economies of emerging markets and developing economies will decline by 2.5%. However, the Chinese economy is expected to achieve 1% growth.
According to the assumptions of advanced economies in the middle of this year, emerging markets and developing economies later this year, the epidemic situation subsided, the World Bank predicts that the global economy will resume growth of 4.2% in 2021. Among them, developed economies grew by 3.9%, and emerging markets and developing economies grew by 4.6%.
The report believes that the epidemic may bring "sustained scars" to the economy, including the reduction of investment and innovation, and the difficult recovery of trade relations and supply chains. The report believes that in the short term, the most important thing is to promote economic recovery in order to prevent more people from falling into poverty and unemployment. In the long run, countries should continue to adopt sustainable policies and necessary reforms, and international cooperation is also crucial.
In a report released by the International Monetary Fund (IMF) in April this year, the global economy is expected to shrink by 3% in 2020. (Finish)