China News Agency, Washington, October 13 (Reporter Sha Hanting) The International Monetary Fund (IMF) released the "World Economic Outlook Report" on the 13th local time. It is estimated that the global economy will shrink by 4.4% in 2020; the Chinese economy will grow by 1.9% , Is the only one of the world’s major economies to achieve positive growth this year.
The report said that the global economy fell into recession this year due to the impact of the new crown pneumonia epidemic, but as the economies of various countries gradually restarted, the global economy has begun to recover.
Given that the negative GDP growth of developed economies in the second quarter of this year was not as severe as expected, China's economic recovery was stronger than expected, and there are signs that the overall recovery in the third quarter has accelerated. The IMF predicts that the global economy will shrink by 4.4% this year, which is up from the June forecast. By 0.8 percentage point.
Specifically, the economies of developed economies will shrink by 5.8% this year, and the economies of emerging markets and developing economies will shrink by 3.3%.
Among them, the US economy will shrink by 4.3%, the Eurozone economy will shrink by 8.3%, and the Japanese economy will shrink by 5.3%, both of which are up from June.
India’s economy will shrink by 10.3%, a decrease of 5.8 percentage points from June.
The IMF expects that the Chinese economy will grow by 1.9% this year, an increase of 0.9 percentage points from its June forecast.
China has also become the only major economy in the IMF report that has achieved positive economic growth this year.
The report also said that the recession brought about by the epidemic has caused serious damage to the global economy, and that the global economic recovery has a long road ahead and is vulnerable to setbacks.
The global economy is expected to grow by 5.2% in 2021, but this is down 0.2% from the June forecast.
Among them, the economies of advanced economies will grow by 3.9% in 2021, and the economies of the United States, the Eurozone and Japan will grow by 3.1%, 5.2% and 2.3% respectively.
The economies of emerging markets and developing economies will grow by 6%, and the economies of China and India will grow by 8.2% and 8.8% respectively.
The IMF emphasized that countries should strengthen multilateral cooperation to fight this health and economic crisis, including promoting multilateral initiatives in vaccine research and development, providing assistance to countries with limited medical and health capabilities, and providing assistance to some emerging markets through debt relief, grants, and preferential financing. And developing economies (especially low-income countries) to provide support.
IMF chief economist Gita Gopinat said that the current global economy is recovering from the abyss of the first half of the crash, but the crisis is far from over. The prospects for global economic recovery are likely to be long, uneven and highly uncertain. She called on the global economies not to cancel their fiscal and monetary support policies too early to ensure a sustained economic recovery. (Finish)