New York, USA – The World Economic Outlook report, published by the International Monetary Fund (IMF), predicted that the world economy will shrink by 4.4 percent this year, while China will be the only country to achieve positive growth.
According to the IMF’s World Economic Outlook report, the world economy is about to emerge from the narrow valley, and this has been helped by China’s revival of global trade since June. In addition, the economic recovery has slowed since August in many economies, with the rapid spread of the Covid-19 epidemic in some regions.
The report notes that developed economies will contract by 5.8 percent, new markets and emerging economies by 3.3 percent. According to the report, the economy of the United States (US) will shrink 4.3 percent, the economy of the Euro zone will shrink 8.3 percent, and the economy of Japan will shrink 5.3 percent. India’s economy will shrink by 10.3 per cent. Expectations for the Chinese economy were revised up 0.9 points to 1.9 per cent. That figure is projected to reach 8.2 percent in 2021.