Global growth in 2020 will decline by 1.9 percent to -4.9 percent, the International Monetary Fund (IMF) said in its updated World Economic Outlook (WEO) released on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 24th June, 2020) Global growth in 2020 will decline by 1.9 percent to -4.9 percent, the International Monetary Fund (IMF) said in its updated World Economic Outlook (WEO) released on Wednesday.
"Global growth is projected at -4.9 percent in 2020, 1.9 percentage points below the April 2020 WEO forecast," the IMF said.
In 2021, growth is projected to strengthen to 5.4 percent, which is 0.4 percent lower than the April forecast, it added.
Most countries would face downgraded consumption growth in 2020. However it is projected to strength next year, the IMF said.
"Global GDP for the year 2021 as a whole is forecast to just exceed its 2019 level," the fund noted.
The IMF has forecasted a "deep contraction" in global trade this year of -11.9 percent. Such a decline reflects weaker demand for goods and services.
"Consistent with the gradual pickup in domestic demand next year, trade growth is expected to increase to 8 percent," the outlook said.
Inflation is expected to rise gradually in 2021, but its outlook remains muted, the IMF said.
