COVID-19 wipes out hopes for faster growth in 2020: IMF chief

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Published on 4 Mar 2020, 23:27
IMF 총재 "코로나19로 올해 세계경제 성장률 작년 수준 밑돌 것"

The International Monetary Fund is warning that the faster spread of COVID-19 erases any chance of more robust global growth in 2020.
The UN also expects the virus to disrupt world trade and could especially impact exports.
Lee Seung-jae reports.
Speaking at a news conference Wednesday,... IMF chief Kristalina Geogieva said the COVID-19 outbreak will wipe out any hope of stronger economic growth in 2020.
"We also know that we have a sound financial system much more resilient than it was before the global financial crisis. However, what we are wrestling with is uncertainty and that defines our projections, which at this point lead us to state that global growth in 2020 will dip below its last year's levels."
She said the IMF now expects 2020 global growth to be below the 2-point-9 percent rate recorded in 2019,... and this would represent more than a point-four percentage-drop from the previous forecast of 3-point-3 percent made in January.
She added the latest revision comes as the virus spreads rapidly outside China.
According to estimates published by the UN Conference on Trade and Development on Wednesday,... a slowdown in manufacturing in China is disrupting world trade,... and could result in a 50 billion U.S. dollar decrease in exports across global value chains.
According to its estimates,.. the European Union looks to be most affected by the decline,... and will lose out on over 15-point-6 billion dollars in trade.
Estimates also show South Korea will be among the most affected,... predicting a loss of over 3-point-8 billion dollars.
The sectors hit hardest include precision instruments, machinery, automotive and communication equipment.
However, the report adds the estimated global effects of the COVID-19 outbreak are subject to change,... depending on containment efforts or changes to supply chains.
Lee Seung-jae, Arirang News.

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