IMF projects G20 nations' economic outlook for this year to drop 2.8% amid pandemic

Arirang News 2020-04-16

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올해 G20 성장률 -2.8% 전망...한국, 하락폭 가장 작아

The international community is suffering massive economic fallout due to the COVID-19 pandemic.
The IMF projects the global economy will shrink sharply this year as a result.
But it singled out South Korea with a relatively smaller impact.
Kim Bo-kyoung tells us more.
The International Monetary Fund is projecting that G20 nations will see negative growth of minus 2-point-8 percent this year due to the COVID-19 outbreak.
The IMF's G20 Surveillance Note's latest projection, released on Thursday, is a 6-point-2 percentage point drop from its previous forecast in January.
It also slashed South Korea's economic outlook to minus 1-point-2 percent a 3-point-4 percentage point drop from its previous projection.
Yet,... it was the smallest cut among the major 20 countries,... showing a less severe impact on the South Korean economy, while advanced economies such as the U.S., Japan and Germany are forecast to contract an average of 6-percent.
To mitigate the global economic fallout,... the IMF said some 50 countries will receive help by the end of the month with over one-hundred countries asking for help.
To support the poorest members,... five developed countries, including Japan, France and Canada, have promised around 11-point-7 billion U.S. dollars upon the IMF's urgent request.
"We have been able to strengthen our concessional capacity. We got 70 percent of our ask met by commitments of the members and I want to thank wholeheartedly Japan, UK, France, Australia and Canada for making firm commitments totaling 11.7 billion dollars."
Saying such an outcome in record short time was possible due to the spirit of global solidarity, the IMF chief added the agency is committed to help countries that are burdened by debt,... so they can tackle the crisis effectively.
KIM Bo-kyoung, Arirang News.

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