MCHI - IMF slashes 2020 Asia growth forecast; China still expanding despite epidemic centre

For 2020, International Monetary Fund ((IMF)) cuts Asia's economic forecast indicating a sharper-than-expected contraction in countries like India amid the pandemic taking a toll on the region.Asia's economy is seen contracting 2.2%, decline is 0.6 of a percentage point larger than its forecast in June led by major slumps in India, the Philippines and Malaysia.In April 2020, IMF had expected a zero percent growth in 2020:"Fear of infection and social distancing measures are dimming consumer confidence and will keep economic activity below capacity until a vaccine is developed," IMF report on APAC region revealed.India's economy is seen narrowing by 10.3% as against a 1.9% expansion in the Chinese economy.However, for 2021 the IMF upgraded growth forecast to 6.9% led by expected stronger recoveries in China, the United States and the euro area.IMF said there were "considerable" risks such as the chance of a second wave of infections, escalating U.S. tensions

For further details see:

IMF slashes 2020 Asia growth forecast; China still expanding despite epidemic centre