The International Monetary Fund (IMF) on Wednesday said it has significantly cut the US economic forecast for 2020 and 2021
WASHINGTON (Pakistan Point News / Sputnik - 24th June, 2020) The International Monetary Fund (IMF) on Wednesday said it has significantly cut the US economic forecast for 2020 and 2021.
This year the US economy will downsize by 8 percent and in 2021 will drop another 4.5 percent, the IMF said in its World Economic Outlook (WEO). In April, these forecasts were -5.9 percent and -4.7 percent.
"Synchronized deep downturns are foreseen in the United States (-8.0 percent); Japan (-5.8 percent); the United Kingdom (-10.2 percent); Germany (-7.8 percent); France (-12.5 percent); Italy and Spain (-12.8 percent)," the IMF said about advanced economies in general. "In 2021 the advanced economy growth rate is projected to strengthen to 4.8 percent, leaving 2021 GDP for the group about 4 percent below its 2019 level."
