Economy

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.



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