WASHINGTON - The International Monetary Fund warned on Wednesday that the global economy faces an even deeper downturn than it previously projected as the coronavirus pandemic continues to sow uncertainty and businesses around the world struggle to shake off the virus.
In an update to its World Economic Outlook, the IMF said it expected the global economy to shrink 4.9 per cent this year - a sharper contraction than the 3 per cent it predicted in April. Economies in the eurozone are projected to shrink 10.2 per cent this year and expand 6 per cent next year.
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