Global economic activity is picking up after an unprecedented decline this year due to the coronavirus pandemic, but a second major wave of infections could trigger more disruptions, the International Monetary Fund's top official said.
The IMF last month further slashed its 2020 global output forecasts, predicting a 4.9per cent contraction and weaker-than-expected recovery in 2021. Job losses, bankruptcies and industry restructuring could pose significant challenges for the financial sector, including credit losses to financial institutions and investors, she said.
Source: Financial Digest (financialdigest.net)
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