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AlwaysFree: IMF Lowers Projection On Asia’s 2020 Economic Growth

Author: SSESSMENTS

The International Monetary Fund, in its latest outlook for the Asia Pacific, said the region’s economy would shrink by 2.2% in 2020, deeper than a 1.6% contraction it previously forecast. The downgrade was a result of more profound downturns in India, the Philippines, and Malaysia. The IMF now forecasts India’s economy to contract by 10.3% in the ongoing fiscal year, more severe than a 4.5% fall in its previous forecast.

Meanwhile, the Philippines and Malaysia are expected to see their economies shrinking by 8.3% and 6% this calendar year, respectively, compared to the fund’s previous projection of 3.6% and 3.8% contractions. On the other hand, China is expected to grow by 1.9% this year, upgraded from a 1% growth previously estimated.

The growth in China, along with the US and Europe, is expected to propel Asia’s rebound in 2021. Next year, the region’s economy is expected to expand by 6.9%, which is an upward revision from the IMF’s previous projection of a 6.6% growth.

Tags: All Products,AlwaysFree,Asia Pacific,English

Published on October 23, 2020 6:50 PM (GMT+8)
Last Updated on October 23, 2020 6:50 PM (GMT+8)