Covid-19: International Monetary Fund revises down Pakistan's FY21 growth forecast to 1pc

In an update to its World Economic Outlook, which was released on Wednesday, the International Monetary Fund said it expected the global economy to shrink 4.9 percent this year - a sharper contraction than the 3 percent it predicted in April.

Global growth was projected at -4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.

A logo for the 2017 Annual Meetings is seen inside the International Monetary Fund (IMF) headquarters in Washington, DC, during the 2017 IMF Annual Meetings on October 10, 2017.

The IMF notes consumption growth has been downgraded for most economies, reflecting the larger-than-anticipated disruption to domestic activity.

The IMF now says the largest economy in Southeast Asia would shrink by 0.3 percent in 2020, before rebounding to a 6.1 percent growth in 2021.

One bright spot has been financial conditions, which have eased in advanced economies and to a lesser extent in emerging markets.

WWE Producer Adam Pearce Says He Has COVID-19
The positive tests are reportedly across many lines of business, including talent, production, staff, and talent. The number is rumored to be in the double digits.

France is now expected to see a decline of 12.5 percent, down 5.3 percentage points from its April figure, and Italy, minus 12.8 percent, down 3.7 percentage points.

The latest United Kingdom estimates are for a deeper recession this year than in Japan, Germany, the U.S. and Canada - which are in line for 5.8 per cent, 7.2 per cent, eight per cent and 8.4 per cent falls in GDP respectively. It said the global labor market has taken a "catastrophic" hit, movement outside the home remains depressed, companies have cut back on investment and consumer spending has dropped significantly.

In the baseline, global activity is expected to trough in the second quarter of 2020, recovering thereafter.

Speaking on the latest outlook for Nigeria, Ms Gopinath said the projection for sub Saharan Africa overall is -3.2 per cent in 2020 with recovery in 2021 at 3.4 per cent. The adverse impact on low-income households is particularly acute, imperilling the significant progress made in reducing extreme poverty in the world since the 1990s, the Fund added.

The IMF said that more policy actions from governments and central banks would be needed to support jobs and businesses to limit further damage and set the stage for recovery.

"The global community must act now to avoid a repeat of this catastrophe by building global stockpiles of essential supplies and protective equipment, funding research and supporting public health systems, and putting in place effective modalities for delivering relief to the neediest", the agency wrote in the report.

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