WASHINGTON - The International Monetary Fund on Monday cited limited but encouraging signs of recovery in China, the first country to suffer the brunt of the Covid-19 pandemic, but said it could not rule out a resurgence of the pandemic in China and elsewhere.
"The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments," the IMF experts wrote. China was seeing a modest improvement in its purchasing manager surveys after sharp declines early in the year, and daily satellite data on nitrogen dioxide concentrations in the atmosphere - a proxy for industrial and transport activity - showed a gradual decline in containment measures, the IMF experts wrote.
"But there is huge uncertainty about the future path of the pandemic and a resurgence of its spread in China and other countries cannot be ruled out," they added.
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