Last updateFri, 30 Oct 2020 7pm

Manufacturing & The Economy

IMF: Global Economy to Contract 4.4% in 2020

According to the IMF, global growth is projected at −4.4% in 2020, a less severe contraction than forecast in its June 2020 World Economic Outlook (WEO) Update. The revision reflects better-than anticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and June, as well as indicators of a stronger recovery in the third quarter. Global growth is projected at 5.2% in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing.

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