TOKYO: Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an"unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday .
Asia's economy is likely to suffer zero growth this year for the first time in 60 years, the IMF said in a report on the Asia-Pacific region released on Thursday.While Asia is set to fare better than other regions suffering economic contractions, the projection is worse than the 4.7 per cent average growth rates throughout the global financial crisis, and the 1.3 per cent increase during the Asian financial crisis in the late 1990s, the IMF said.
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