Coronavirus impact: International Monetary Fund predicts India's economy to contract by 4.5% in FY21

IMF forecasts S. Korea's economy to shrink 2.1 pct

Regarding the GPD growth, the International Monetary Fund has maintained Egypt's GDP growth at 2 percent over 2020 and 2021, the same expectation of April forecast to be the only country to achieve positive economic growth during the current fiscal year in the Middle East and North Africa (MENA) region.

For 2021, the fund anticipated growth of 5.4 per cent, down from the 5.8 per cent that it earlier forecast.

The cumulative hit to GDP growth over 2020-21 for emerging market and developing economies, excluding China, is expected to exceed that in advanced economies, Gopinath said.

In the Fund's report said that although many economies have started to re-open, the unique features of quarantine and social distancing, along struck as investment and consumption.

The projections assume that countries with declining infection rates don't need to reinstate the strict lockdowns from the first half of the year and are able to rely on alternative methods such as increased testing, contact tracing and isolation to contain transmission.

"The global community must act now to avoid a repeat of this catastrophe by building global stockpiles of essential supplies and protective equipment, funding research and supporting public health systems, and putting in place effective modalities for delivering relief to the neediest", the agency wrote in the report.

Saudi Arabia has already resorted to austerity measures, cutting spending, scrapping a cost of living allowance to civil servants, and tripling its value added tax (VAT) to 15 percent from July.

The forecast could be upgraded if there's a medical breakthrough or business activity resumes more quickly, but significant downside risks include outbreaks requiring more lockdowns or tightening financial conditions.

Dr. Anthony Fauci: Trump never ordered us to slow down testing
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"For the first time, all regions are projected to experience negative growth in 2020", it said.
The IMF pointed to International Labour Organization (ILO) data estimating more than 300 million jobs were lost in the second quarter of the year. The report said the United States, the biggest economy in the world, would contract by 8 percent in 2020; the Euro area by -10.2 percent; and Japan by -5.8 percent.

The worldwide agency in April predicted global growth to fall by 3 percent this year, basing its forecast on data available as widespread business lockdowns were just getting into full swing.

The fund today said the global economy is expected to contract 4.9 per cent this year, 1.9 per cent below the April 2020 World Economic Outlook (WEO) forecast.

Latin American economies, where infections are still rising, saw some of the largest downgrades, with the Brazil economy now expected to shrink 9.1 per cent, Mexico's 10.5 per cent and Argentina's 9.9 per cent in 2020.

It said the synchronized nature of the downturn amplified domestic disruptions around the globe.

Britain's firms, workers and tax receipts appear set to suffer a greater hit than other advanced economies, which are predicted to see GDP slide by 8% on average. In that case, output would be 4.9 per cent below the baseline for 2021 and would remain below the baseline in 2022.

The Nigeria economy is expected to shrink by 5.4 per cent this year.

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