With most of the world facing a deep recession due to the coronavirus pandemic, China will be the only major economy to climb back from the depths of the historic crisis in 2020, according to the International Monetary Fund (IMF).
Despite the reopening of economies, global growth is projected to contract by 4.4 percent, the IMF said in its latest World Economic Outlook (WEO) report published earlier this week. While the outlook signals an upward revision of 0.8 percent compared to the body’s previous forecast, this year still marks the worst crisis since the Great Depression of the 1930s.
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