[Breaking] IMF Lowers South Korea's Economic Growth Forecast for This Year to -1.2%
[Asia Economy Reporter Kim Hyunjung] The International Monetary Fund (IMF) announced on the 14th a downwardly revised global economic outlook considering the impact of the novel coronavirus disease (COVID-19) pandemic.
South Korea's growth rate was lowered from the previous 2.2% to -1.2%. Although this is a negative growth rate, it is the highest level among the 36 member countries of the Organisation for Economic Co-operation and Development (OECD).
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The global economic growth rate was forecasted at -3.0%, down 6.3 percentage points from the previous projection of 3.3%. For advanced economies, it was revised down by 7.7 percentage points from 1.6% to -6.1%, and for emerging and developing economies, it was lowered by 5.4 percentage points from 4.4% to -1.0%.
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