Asia’s economic growth will grind to a halt for the first time in 60 years of postwar development because of the unprecedented impact of coronavirus, the IMF has warned.
Speaking at a briefing on the regional economic outlook, Chang Yong Rhee, the IMF’s Asia director, warned that the slowdown would be worse than the global financial crisis of 2008-09 and the Asian financial crisis of 1997.
But the IMF still expects Asia to fare better than Europe or the US, reflecting China’s success in bringing the coronavirus under control and the region’s underlying growth prospects.
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