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https://www.barrons.com/articles/covid-19s-economic-toll-will-be-deeper-than-expected-imf-says-and-the-recovery-slower-51593014767

Covid-19's Economic Toll Will Be Deeper Than Expected, IMF Says. And the Recovery Slower.

2020-06-24 16:08:00, Lisa Beilfuss, Barron's

Content Categorization
/Business & Industrial
/News/Business News

Word Count:
687

Words/Sentence:
29

Reading Time:
6.87 min

Reading Quality:
Advanced

Readability:
16th or higher

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That's compared to April forecasts for a 5.9% contraction and 4.7% growth, respectively.

For China, the world's second-largest economy, the IMF now sees 1% growth in 2020 and 8.2% growth in 2021.

It still expects a return to growth in 2021, predicting a rate of 5.4% that is down from 5.8% in April and 11.9% in January.

Behind the slashed forecast is weaker consumption because of bigger-than-expected disruptions to economic activity.

"The Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast," the IMF said in its update.

At the same time, precipitous demand declines, supply-chain interruptions, and uncertain earnings prospects have caused firms to cut investment spending, the IMF said.

"Financial conditions may again tighten as in January-March, exposing vulnerabilities among borrowers," the IMF said, which could "tip some economies into debt crises and slow activity further."

Keywords
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