- IMF upwardly revises its 2020 and 2021 global GDP forecasts
Market news
13 October 2020
IMF upwardly revises its 2020 and 2021 global GDP forecasts
- Projects global economy to shrink by 4.4% in 2020 compared to 5.2% contraction in June's estimate
- Forecasts 2021 global growth at 5.2% compared to 5.4% in June
- Sees 2020 US GDP contraction at 4.3% compared to -8.0% in June; 2021 US GDP growth at 3.1% compared to 4.5% in June
- Sees 2020 China GDP growth at 1.9% compared to 1.0% in June; 2021 China growth at 8.2%, unchanged from previous forecast
- Forecasts 2020 Eurozone GDP contraction at 8.3% compared to -10.2% in June; 2021 Eurozone GDP growth seen at 5.2% compared to 6.0% in June
- Improved forecasts due to somewhat less dire Q2 contraction, stronger-than-forecast Q3 rebound as advanced economies and China reopened
- 2020 contraction in emerging markets, excluding China was lowered to 5.7% from -5.0% in June forecast, reflecting the continued spread of the virus, greater dependence on tourism, remittances, commodities, external finance
- Sees world trade to rebound by 8.3% 2021 compared to +8% in June estimate
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