10/22, 6:09 AM (Source: TeleTrader)
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IMF downgrades Asia's economic projection

The International Monetary Fund (IMF) revealed that it expects the economy in the Asia-Pacific region to contract by 2.2% for the entire 2020, compared to its June projection of a 1.6% downturn.

In its latest Regional Economic Outlook report for Asia and Pacific, the IMF predicted that the real GDP of Japan, South Korea, Australia and Singapore would shrink in 2020 by 5.3%, 1.9%, 4.2% and 6%, respectively. However, the Chinese economy is expected to grow by 1.9% for the year.

As for 2021, the combined economies of the Asia-Pacific region are expected by the IMF to expand 6.9%, a 0.3 percentage point upward revision compared to June. China's GDP is expected to jump 8.2%, followed by Singapore's 5% economic growth. The economic activities of South Korea and Australia are both expected to accelerate by 2.9%, while Japan's economy is projected to expand by 2.3%.

Breaking the News / MS