The International Monetary Fund says that weaknesses in emerging markets, such as India, and growing social unrest has caused it to downgrade its forecast for economic growth in 2020
The group said Monday that weaknesses in emerging markets, such as India, and growing social unrest had caused it to downgrade its forecast for economic growth in 2020. The IMF now expects 3.3% growth in 2020, down from its 3.4% projection in October.The recession in global car sales shows no sign of endingThat would still mark an improvement from 2019, when growth likely came in at 2.9%, according to the IMF. And its economists note that some risks have eased.
The IMF also downgraded its outlook for growth in 2021 by 0.2 percentage points to 3.4%.Read More"Few signs of turning points are yet visible in global macroeconomic data," it said in its report.One immediate concern is that developing economies won't be as resilient as expected. The IMF now pegs India's growth at 5.8% in 2020, up from 4.8% last year but a full 1.2 percentage points below what it forecast in October.
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