[Breaking News] IMF: "Pandemic May Last Longer Than Expected or Recur Next Year"

[Asia Economy Reporter Kim Hyunjung] The International Monetary Fund (IMF) announced on the 14th a downward revision of the global economic outlook, taking into account 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 Organisation for Economic Co-operation and Development (OECD) member countries.

The global economic growth rate is expected to be -3.0%, down 6.3 percentage points from the previous forecast of 3.3%. For advanced economies, it was revised down by 7.7 percentage points to -6.1% from the previous forecast of 1.6%, and for emerging and developing countries, it was lowered by 5.4 percentage points to -1.0% from the previous 4.4%.

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