The situation could also deteriorate beyond the tough figures given given in the World Economic Outlook, which project a global contraction of 4.9 percent, followed by a recovery of 5.4 percent in 2021.
At the time of the April forecast, IMF chief economist Gita Gopinath said her team "very strongly felt that the uncertainty was predominantly on the downside. This time round, we have both an upside risk, and a downside scenario." But even with additional fiscal support from governments, "the outbreak is assumed to cause further longer-lived damage to the supply side of economies starting in 2022, as increased bankruptcies lead to capital destruction, temporary slowing in productivity growth and a temporary increase in trend unemployment."- A faster recovery -
thats the imf playing safe!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID crisis sinks global economy in 2020, collapsing GDP 4.9 percent: IMF
Source: ABSCBNNews - 🏆 5. / 83 Read more »
Over 12K OFWs bound for Hong Kong amid coronavirus pandemicOver 12,000 overseas Filipino workers are bound for Hong Kong over the next few weeks despite the threat of the coronavirus disease and ongoing local protests. | DYGalvezINQ
Source: inquirerdotnet - 🏆 3. / 86 Read more »
2 U.S. carrier strike groups hold drills in PH Sea amid China airspace control fearsTwo US carrier strike groups wrapped up joint drills in the Philippine Sea on Tuesday, June 23, in what some observers consider a show of force amid news of Chinese plans to enforce an air defense identification zone over the South China Sea. Stay, please.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
‘Bating Filipino’, the new way of greeting another person amid the COVID-19 pandemicThe government promotes another way of greeting another person while making sure health safety amid the pandemic through “Bating Filipino.” We call it Magalang Bow when I was in high school (mid 90s)... Wow. Wala na talaga magawa Makati na po ba si BF... alam ko kasi Marikina .. ProudMarikeño
Source: CNN Philippines - 🏆 13. / 63 Read more »
Robredo fights back vs fake news peddlers amid allegations of spoiled meals deliveryDiliman Doctors Hospital on the circulating rumor involving the Office of the Vice President Leni Robredo: Our institution received food donation on 3 occasions from the Office of the Vice President, but none of which have been found to be spoiled. DDS after reading this statement: DDS be like: DiLaWaN kAyO!,!! Aba'y napakabobo ng DDS na nakaisip ng script na to. Sayang bayad.
Source: CNN Philippines - 🏆 13. / 63 Read more »
‘Araw ng Maynila’ rites to push through online amid GCQThe Manila City government will push through with its founding anniversary using Facebook live amid general community quarantine protocols on Wednesday.
Source: inquirerdotnet - 🏆 3. / 86 Read more »