IMF: Covid crisis sinks global economy in 2020, collapsing GDP 4.9pc | Malay Mail

Wednesday, 24 Jun 2020 09:51 PM MYT

Worldwide business shutdowns destroyed hundreds of millions of jobs, and major economies in Europe face double-digit collapses. While businesses are reopening in many countries and China has seen a bigger rebound in activity than expected, a second wave of viral infections threatens the outlook, the report said.

The downturn is particularly damaging for low-income countries and households, and threatens to endanger the progress made on reducing extreme poverty, the Washington-based crisis lender said in its report. China will eke out growth of one per cent this year, the only positive figure on the long list of key economies the IMF tracks.

The IMF pointed to International Labour Organisation data estimating more than 300 million jobs were lost in the second quarter of the year.

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