Comment on IMF cuts economic outlook for Asia, as COVID-19 devastates growth, but China remains a bright spot

avcooper@businessinsider.com (Amanda Cooper), Business Insider
Thu, 10/22/2020 - 2:42am

IMF cuts economic outlook for Asia, as COVID-19 devastates growth, but China remains a bright spot

A priest walks in front of the body of a person who died of the coronavirus disease, as he collects woods to make a funeral pyre at a crematorium in New Delhi, India, on July 3, 2020. Anushree Fadnavis/Reuters The IMF has cut its estimate for Asian economic growth to -2.2% for 2020, down 0.6% from it last forecast in June, citing steep contractions in India, Philippines and Malaysia. The fund upgraded its outlook for China, raising its growth forecast for this year to 1.9%, up 0.7% from a previous estimate. Recovery rates in countries that imposed effective confinement and exit strategies, as well as contact testing and tracing programs, will outpace those of countries that did not, thereby creating a "multi-speed" recovery, the fund said. Visit Business Insider's homepage for more stories. The Asian economy will suffer its worst recession on record this year, as some of its powerhouses are still struggling to contain the fallout from the coronavirus pandemic, which prompted the International Monetary Fund to downgrade its outlook for the region on Wednesday.The IMF now expects economic growth across Asia to contract by 2.2% this year, a full 0.6% less than it forecast in June and what Jonathan Ostry, the acting director of the IMF"s Asia and Pacific department, called "the worst outcome in living memory.

 

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