"Less Severe Than Expected" IMF Forecasts Upward Revision of Global Economic Growth Rate

[Asia Economy New York=Correspondent Baek Jong-min] The International Monetary Fund (IMF) has indicated the possibility of revising upward its growth forecast, stating that the global economy is less severe than previously projected in June. The IMF is scheduled to release the World Economic Outlook on the 13th of next month.

Gary Rice, IMF spokesperson, said at a briefing on the 24th (local time), "Recent incoming data suggests that some parts of the global economy are beginning to overcome the critical phase, indicating that the outlook may be somewhat less severe than during the World Economic Outlook update on June 24."

Spokesperson Rice noted that China and some other advanced economies performed better than expected in the second quarter of this year, partly due to the easing of lockdown measures following near-complete economic shutdowns earlier this year.

He added, "We are also seeing signs that global trade is gradually beginning to recover after widespread lockdowns aimed at curbing the virus spread."

In the 'June World Economic Outlook' released on June 24, the IMF revised the global economic growth forecast for this year down by 1.9 percentage points from the April projection of -3.0% to -4.9%.

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