IMF cuts Asia’s growth forecast, warns of pandemic-driven risks
4 years, 2 months ago

IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

Live Mint  

The International Monetary Fund slashed this year's economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region. While the IMF upgraded next year's growth forecast, it warned the recovery will be sluggish and patchy with countries dependent on tourism seen taking a particularly hard hit. "Although China's recovery can boost regional trade, weak global growth, closed borders, and festering tensions around trade, technology, and security have worsened the prospects for a trade-led recovery in the region." "A full arsenal of policy support is needed" that includes steps to help households and businesses cope with structural changes caused by COVID-19 such as permanent job losses in industries like tourism, it said.

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