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Economic outlook ‘less dire’ than forecast – IMF

The global economic outlook is less bleak than in June, an IMF spokesman has said, signaling that the organisation’s forecast will be raised when it is released next month.

“The recent incoming data suggests that the outlook may be somewhat less dire than at the time of the (World Economic Outlook) update on June 24 with parts of the global economy beginning to turn the corner,” said International Monetary Fund spokesman Gerry Rice.

But the spokesman said “the outlook remains very challenging,” with emerging markets other than China facing a “precarious” situation due to the coronavirus.

As the coronavirus has moved through the world, economists have been forced to constantly revise their forecasts.

In June, the fund projected world GDP would drop by 4.9% and that the virus would wipe out $12 trillion over two years.

The IMF is set to update its global outlook on 13 October. 

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