Global economy to suffer 'significant scarring': IMF

In April, the IMF estimated the global economy would shrink by 3 per cent this year - the deepest contraction since the Great Depression - and anticipated an even worse outcome if the coronavirus lingers or returns. That analysis saw growth rebounding to 5.8 per cent in 2021.

Asian economies are further along in their recoveries and generally have done better at containing their virus outbreaks, Ms Gopinath said, noting Taiwan's success specifically. Asia's deep integration with the Chinese economy, where"containment has worked very well", could also provide a"mild positive" for the region, she added.

Geopolitical issues, including US-China tensions and turmoil in Hong Kong, also continue to exacerbate risk in Asia and worldwide, she too said. Ms Gopinath said a faster improvement in financial markets could be credited to the rapid global policy reaction to the pandemic, which helped ease liquidity problems.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Luxury food industry turns sour amid global coronavirus lockdownsGlobal demand for premium foods like wagyu beef, bluefin tuna and caviar has plunged with thousands of restaurants shuttered and many economies sliding into recession amid the coronavirus pandemic. As strict lockdown measures to contain the outbreak ravage global economic activity, the luxury food industry Better strategy for luxuryfood suppliers is to repackage in small quanties and sell at discounted lower prices during this period. Works both way in winning customers, keeping existing food lovers happy and make the once unaffordable food - affordable. Aftr the upturn, $$ no?
Source: YahooSG - 🏆 3. / 71 Read more »