IMF revises down Asian economy forecast; warns of $12tr loss globally


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IMF revises down Asian economy forecast; warns of $12tr loss globally by Agencies , (Last Updated 2 hours ago) WASHINGTON: The coronavirus outbreak has been very costly to Asian economic development, the International Monetary Fund (IMF) said as it revised down its forecast for the region and warned of possible protracted recovery. “For the first time in living memory, Asia’s growth is expected to contract by 1.6 per cent—a downgrade to the April projection of zero growth,” Chang Yong Rhee, director of the IMF’s Asia and Pacific Department, wrote in a blog post. According to its recent outlook, the global...