IMF slashes its forecasts for the global economy and warns of soaring debt levels
Brazilian indigenous Anita, of the Marubo ethnic group, is notified that she contracted the new coronavirus by a member of the medical team of the Brazilian Armed Forces
The International Monetary Fund slashed its economic forecasts once again on Wednesday and warned that public finances will deteriorate significantly as governments attempt to combat the fallout from the coronavirus crisis.
The IMF now estimates a contraction of 4.9% in global GDP (gross domestic product) in 2020, lower than the 3% fall it predicted back in April.
“The Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the IMF said Wednesday in its World Economy Outlook update.
The Fund also downgraded its GDP forecast for 2021. It now expects a …continued .
[Source: CNBC News]