WASHINGTON: A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday .
Rice said the Chinese economy was gaining momentum, with high frequency data showing a stronger-than-expected recovery in investment and services through May. Overall, the balance of risks remained on the downside, he said. The best-case scenario released by the Fund in April had called for the US economy to contract 5.9 per cent in 2020, with a rebound to 4.7 per cent growth in 2021.At the time, it forecast China would maintain positive growth of 1.2 per cent in 2020, with growth expanding to 9.2 per cent in 2021.
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