IMF sees global economy shrinking 4.4% in 2020
The pandemic-hit global economy is expected to contract by as much as 4.4% this year, the International Monetary Fund forecast.
International Monetary Fund (IMF)
The IMF is a cooperative institution of member countries that lends money to members having difficulties meeting financial obligations to other members. The loans are handed out on condition that economic reforms are undertaken to eliminate these difficulties for their own good and that of the entire membership.
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Organizations call on G-20 to cancel debts
Four anti-poverty international organizations called on G-20 finance ministers to cancel debts in poor nations so they can deal with the COVID-19 pandemic.
IMF forecasts 4.9% drop in world economy
The IMF estimated a 4.9% drop in global GDP for 2020, sharply revising its earlier prediction of a 3% drop due to the pandemic.
IMF warns of worst recession since 1930s
The global economy will likely suffer the worst financial crisis since the Great Depression due to pandemic disruptions and shutdowns, IMF forecast.
G-20 pledges US$5 trillion to fight virus
Leaders of G-20 major economies promised to spend more than US$5 trillion to prop up the global economy and hasten recovery from the pandemic.
WHO and foundations launch virus fund
WHO and two international foundations launched a first-of-its-kind fund to help vulnerable populations and weak health systems cope with the pandemic.
U.N. warns of US$2 trillion losses to virus
Trade economists who advise the U.N. warned COVID-19 could cost the world economy up to US$2 trillion in 2020 and push nations into recession.
UNCTAD sees US$50 billion exports drop
The global coronavirus outbreak likely caused a US$50 billion decline in worldwide manufacturing exports from China in February alone, UNCTAD reported.
G-7 pledges to fight new coronavirus risks
G-7 finance chiefs vowed to safeguard their economies from the coronavirus outbreak, but did not offer specifics about what they might be prepared to do.
Bond for financing development shows confidence in organizations
The World Bank's benchmark bond was set at its tightest spread to U.S. treasuries in the organization's history.
World Bank and IMF caution on slowdown
World Bank and International Monetary Fund leaders called on 189 member nations for help in easing trade and geopolitical tensions.
World Bank and IMF accent island nations
The World Bank and IMF opened fall meetings to survey a slowing world economy, U.S.-China trade war and urgent climate threats to small island nations.
IMF report says global carbon tax needed
The International Monetary Fund recommended the world adopt a steep global tax on carbon emissions within a decade to slow global warming.
Georgieva starts in new post as IMF chief
Bulgarian economist Kristalina Georgieva took over as IMF chief, signaling her five-year term will champion empowering women and fighting climate change.
IMF predicts hit to global GDP from tariffs
The IMF said tariffs imposed or threatened by the U.S. and China could reduce global economic output by 0.8% in 2020 and cause more losses later.
G-20 major economies focus on U.S.-China trade war and tax loopholes
Finance leaders from the world's 20 biggest economies projected moderate global growth and recovery later this year and into 2020, but warned of risks from a prolonged trade war.