Economic outlook: IMF lifts 2020 global GDP forecast, lowers 2021 estimate - Business Insider

People waiting outside pass the time Friday afternoon in line outside the CareWell Urgent Care in Inman Square in Cambridge, MA on Aug. 8, 2020, where COVID-19 antibody tests are done.global growth outlookStronger-than-expected growth in the second quarter, particularly in advanced economies, drove the organization to revise its outlook higher on Tuesday.

Uncertainty around the updated outlook is "unusually large," and governments should allay debt concerns and instead focus on spending initiatives to keep recoveries on track, the IMF added.Gross domestic product growth will come in better than expected this year, but the global economy is far from staging a complete rebound, the International Monetary Fund said Tuesday.. The decline marks a slight improvement from the 4.9% slump forecasted by the IMF in June.

"The global economy is climbing out from the depths to which it had plummeted during the Great Lockdown in April," the IMF said. "But with the COVID-19 pandemic continuing to spread many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations." China will outperform the world economy with positive GDP growth this year and in 2021, the organization said. While the IMF's 2020 output forecast improved by 2.3% for advanced economies, its projection worsened by 0.2% for emerging markets and developing nations.

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