International Monetary Fund raises expectation for Egyptian economy growth to 3.5% in 2020

International Monetary Fund raises expectation for Egyptian economy growth to 3.5% in 2020”

China is the only country, among the major economies, to show a positive growth rate of 1.9 per cent in 2020, it said.

Interestingly, the projection for advanced economies is a 5.8% contraction, while for emerging market and developing economies it is 3.3%.

Compared with the previous outlook International Monetary Fund made in June, the second quarter GDP growth in large advanced economies were slight better and China's return to growth was stronger than expected, the report said, noting there are signs of a more rapid recovery in the third quarter.

The body warned that the world faced a "long, hard, dire" path to post-pandemic recovery and slashed its annual forecasts further, predicting the global economy would shrink 5.2 percent, compared with a 4.9 percent contraction predicted in June.

The IMF upgraded the global GDP forecast for this year by 0.8 percentage points, but trimmed the 2021 growth outlook to 5.2%.

The result "would have been much weaker if it weren't for sizable, swift and unprecedented" response from governments and central banks, she said, again warning of the dangers of removing support too quickly. The IMF now expects Britain's economy to contract by 9.8% this year, better than the 10.2% fall projected in June.

The gloomy prognosis came even after the International Monetary Fund revised its growth forecasts for this year upwards, reflecting the fact that the second quarter's recession proved shallower than feared, and countries experienced faster recoveries as they relaxed lockdowns.

More news: 3 new COVID-19 deaths reported today, an additional 811 cases notified

Global economic growth will be negative this year and the worst since the Great Depression of the 1930s, the fund said.

Advanced and emerging economies alike are expected to suffer deep and broad contractions in their economic growth, with more than 85 percent of countries around the world expected to witness sub-zero growth in 2020, according the report.

"All emerging market and developing economy regions are expected to contract this year, including notably emerging Asia, where large economies, such as India and Indonesia, continue to try to bring the pandemic under control", it said. "The ascent out of this calamity is likely to be long, uneven and highly uncertain".

The IMF warned that "tensions between the world's two largest economies remain elevated on numerous fronts" as Beijing and Washington also lock horns over China's treatment of ethnic minorities in Xinjiang and Beijing's security clampdown in Hong Kong.

There was a 25 per cent decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.

The IMF said on Tuesday said that as many as 90 million people could be plunged beneath into extreme poverty this year, meaning they will be forced to survive on less than $1.90 a day.

Like this



14 October 2020
YOUR MONEY: Here’s what you should know ahead of Amazon Prime Day
Disclosure: Many products on this website use affiliate links also we might make commission for any order made via the hyperlinks. Prime Day, typically held in July to boost summer sales, is now a kickoff to what will be an earlier holiday shopping season.

14 October 2020
Hong Kong police arrest nine more activists
Is commonly used by companies to restrict access from particular locations, and can also be used to prevent malicious traffic. Lee was reportedly arrested in October 2019 after returning to the Chinese city of Shenzhen from Hong Kong.

14 October 2020
Google Play No Longer Sells Music
The new playback interface includes information like the song and artist name, and a progress bar as the music plays. Secondly, if you don't want to transition to YouTube Music, you can keep your purchased music via Google Takeout .

14 October 2020
Clark County COVID-19 activity at record-high levels in latest report
The number of active cases, which counts positive cases still in their isolation period, was 135 on Tuesday. Currently, 77 individuals are hospitalized with COVID-19, 24 of whom are in intensive care.

14 October 2020
Dozens Arrested on 10th Straight Sunday of Belarus Protests
Among those detained were journalists from Russia's TASS state news agency, although they were later released, the agency reported.

14 October 2020
Apple unveils new HomePod Mini at virtual event, new iPhone 12 expected
Requests are not associated with the user's Apple ID, and personal information is not sold to advertisers or other organisations. What's more, you can stack MagSafe accessories, so you can use wireless chargers and card holders together with supported cases.

14 October 2020
Alonso senses Renault "potential" after Barcelona test
Alonso will be able to complete 100km in the 2020-spec Renault auto in what is officially classed as a filming or promotional day. Alonso's most recent F1 experience came when he drove a Renault-powered McLaren in Bahrain for two days in April 2019.

14 October 2020
Mike Tyson leaves viewers worried in incoherent interview
Tyson later revealed late-night exhaustion was the real reason for his behaviour and that he fell asleep trying to stay up for the interview in Los Angeles.

14 October 2020
Stearns County Reports 2 More Deaths Related to COVID-19
For most people, the COVID-19 virus causes mild or moderate symptoms that clear up within weeks. The agency also reported six additional deaths, bringing the state's death toll to 1,055.

13 October 2020
Johnson & Johnson Pauses Covid-19 Vaccine Trial
The delivery of the Pfizer ( PFE ) and BioNTech COVID-19 vaccine is expected to commence as early as the first quarter of 2021. The agreement with the three domestic companies would guarantee Germany 40 million doses of vaccine.