IMF forecasts deeper global recession than expected before
Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. Photo: Nino Alavidze/Agenda.ge.
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The IMF has forecast a sharper decline in world economic growth than was expected just two months earlier, saying that the coronavirus pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and recovery is projected to be more gradual than previously forecast.
Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast…In 2021 global growth is projected at 5.4 percent. Overall, this would leave 2021 GDP some 6½ percentage points lower than in the pre-COVID-19 projections of January 2020.” says the World Economic Outlook of the IMF.
The IMF forecasts the sharpest declines in economies where the coronavirus was widely spread, such as Italy, France, Spain, the countries of Latin America. A severe decline is forecast also for the UK with a more than 10 per cent shrink in the economy this year.
However, if the coronavirus pandemic continues, the [world economy] will decline even more” said Managing Director of the International Monetary Fund Kristalina Georgieva.
Economic growth in Georgia is projected to reach three per cent in 2021, while it will be reduced by four per cent in 2020, said the International Monetary Fund (IMF) in its World Economic Outlook published back in April 2020.
The International Monetary Fund (IMF) forecasts 4.3 per cent growth for the Georgian economy in 2020, says IMF mission Chief Mercedes Vera-Martin.
The European Bank for Reconstruction and Development (EBRD) forecasts Georgian economic growth to fall 5.5 per cent in 2020 mainly as a result of a reduction in the country’s tourism sector due to coronavirus restrictions on travelling.
Economic growth in Georgia is projected to reach 3 per cent in 2021, while it will be reduced by 4 per cent in 2020, says the International Monetary Fund (IMF) in its World Economic Outlook. It says that the COVID-19 pandemic is inflicting high and rising human costs worldwide and the necessary protection measures are severely impacting economic activity.
Despite a state of emergency, economic activity continues in Georgia except for Marneuli and Bolnisi municipalities in eastern Georgia where a strict quarantine regime has been imposed after a local, 62-year-old woman tested positive for COVID-19 came into contact with more than 80 locals.
Georgia is forecast to return to economic growth of 4.5 per cent in 2021 thanks to expected recoveries in tourism, private consumption, investment, and net exports, following a contraction this year due to the coronavirus pandemic, says a new Asian Development Bank (ADB) report, the Asian Development Outlook 2020 Update.