Asia's economic growth this year will grind to a halt for the first time in 60 years as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday, SIA reports citing Reuters.
Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF's Asia and Pacific Department. Asia's economy is likely to suffer zero growth this year for the first time in 60 years, the IMF said in a report on the Asia-Pacific region released on Thursday.
The IMF expects a 7.6 percent expansion in Asian economic growth next year on the assumption that containment policies succeed, but added the outlook was highly uncertain. China's economy is expected to grow by 1.2 percent this year, down from 6 percent growth in the IMF's January forecast, on weak exports and losses in domestic activity due to social distancing steps.
The world's second-largest economy is expected to see a rebound in activity later this year, with growth to bounce back to 9.2 percent next year, the IMF said. But there were risks even to China's growth outlook as the virus could return and delay normalisation, the IMF said.
Bütün xəbərlər Facebook səhifəmizdə
USD
EUR
GBP
RUB