Image via CNN. The IMF forecast that global GDP will contract by 4.9% this year, ... China is forecasted to post economic growth of 1%, in part because the country got a head start on its recovery. Listed below are items related to People's Republic of China Hong Kong Special Administrative Region. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. Also Show. In 2021 global growth is projected at 5.4 percent. Kosovo and Syria are excluded because their data in 2014 are not available. It requires a comprehensive and coordinated policy response. China did not send its finance minister or central bank governor to the gathering that will continue through Sunday, as the world's second-largest economy struggles to contain the disease that first emerged in central China's city of Wuhan in December. Within the region, Pacific Island countries are among the most vulnerable given the limited fiscal space, as well as comparatively underdeveloped health infrastructure. The IMF forecast that global GDP will contract by 4.9% this year, a noticeable downgrade from its previous estimate in April when it projected GDP to shrink by 3%. GDP, Gross Domestic Product, Real, Nominal, Deflator, Index, Growth, Change The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union. The finance ministers and central bank governors plan to issue a communique upon wrapping up their talks on Sunday. CHINA is the only major country whose GDP will grow in 2020 as coronavirus continues to shred the global economy, according to International Monetary Fund … Label. External pressures need to be contained. A Short-term Liquidity Line has also been established as part of the Fund’s global financial safety net; it provides a backstop for member countries with very strong policies and fundamentals in need of short-term moderate balance of payments support. But additional actions may be needed for emerging-market Asian economies that have limited space for increased spending in their budgets. B12, Jianguomenwai AvenueBeijing 100022, P.R. China's GDP was $14.3 trillion (99 trillion Yuan) in 2019. Office Information. The first priority is to support and protect the health sector to contain the virus and introduce measures that slow contagion. "As a result, the impact on the world economy would be relatively minor and short-lived," she said at the meeting, according to a statement by the IMF. It is worse than the Global Financial Crisis, and Asia is not immune. German Finance Minister Olaf Scholz and Saudi … Listed below are items related to People's Republic of China Hong Kong Special Administrative Region. Containment measures are severely affecting economies. For example, central bankers are considering buying government bonds in the primary market to support critical financial lifelines to smaller firms and households to avoid mass layoffs and defaults. "We talked about the need to collaborate," he said. The IMF publishes a range of time series data on IMF lending, exchange rates and other economic and financial indicators. IMF downgrades China GDP growth outlook to 5.6% . {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}}. But the country has also faced international condemnation over its human rights record, particularly for the death of Saudi dissident journalist Jamal Khashoggi at the Saudi consulate in Istanbul in 2018. This is a crisis like no other. The last Article IV Executive Board Consultation was on December 13, 2019. In doing so, there can be a role for temporary outflow capital controls to help ensure stability in the face of large capital flows, balance sheet mismatches, and limited scope to use other policy tools. COVID’s Impact in Real Time: Finding Balance Amid the Crisis, Finding the Right Policy Mix to Safeguard our Climate, Reform of the International Debt Architecture is Urgently Needed. China slowdown: China’s growth is projected to decline from 6.1 percent in 2019 to 1.2 percent 2020. Japan sent ship passengers home -- Was that correct? This sharply contrasts with China’s growth performance during the Global Financial Crisis, which was little changed at 9.4 percent in 2009 thanks to the important fiscal stimulus of about 8 percent of GDP. In that scenario, global growth would also be affected downward by about 0.1 point, it said. Resident Representative for Peoples Republic of China Steven Alan Barnett Senior Resident Representative of China . G-20 gathers as virus shock looms on global economy. During the G-20 meeting, the International Monetary Fund reported the 2020 growth forecast of China to be 5.6%, a decrease by 0.4 percentage point from its earlier estimate in January and the lowest level of growth since 1990. 2020 Projected Consumer Prices (% Change). If containment measures work, and with substantial policy stimulus to reduce “scarring,” growth in Asia is expected to rebound strongly—more so than during the Global Financial Crisis. Get trusted insights from experts within Asia itself. Saudi Arabia is the first Arab nation to hold the G-20 presidency after taking over from Japan late last year. The country has natural resources with an estimated worth of $23 trillion, 90% of which are coal and rare earth metals. While there is huge uncertainty about 2020 growth prospects, and even more so about the 2021 outlook, the impact of the coronavirus on the region will—across the board—be severe and unprecedented. Another key topic during the two-day discussions will be international taxation rules for information technology giants such as Apple Inc. and Google LLC's parent Alphabet Inc. amid criticism they are not paying their fair share of taxes despite making profits in countries where they are not physically present. © Reuters, ASEAN members pressed by China to lift travel curbs, Beijing Diary: 'Humiliation' of the past, black swans of the future, Shunned in China, Hubei natives live in isolation, South Korea infections soar sevenfold in 3 days, Virus hits China's economic heart -- its small businesses, From trains to baths, Japan's companies slash earnings outlook, Coronavirus rocks the China-Russia partnership. This is a real economic shock—unlike the Global Financial Crisis—and requires protecting people, jobs, and industries directly, not just through financial institutions. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. While a significant number of countries will see their economies contract in 2020, China is still expected to grow by 1%. GDP (current US$) - China. RIYADH (Kyodo) -- The finance chiefs of the Group of 20 major economies on Saturday agreed to coordinate efforts as the new coronavirus outbreak in China emerges as a potential risk to the global economy, Japanese Finance Minister Taro Aso said. License: CC BY-4.0 Line Bar Map. In the absence of swap lines, foreign-exchange market interventions and capital controls may be the alternatives. Nikkei Inc. No reproduction without permission. Sign up to our newsletters to get our best stories delivered straight to your inbox. The oil-rich kingdom, a Muslim country in which Islamic law is strictly enforced, has pushed ahead with social reforms under Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, such as by granting greater rights to women. For example, the Bank of Japan has expanded its repurchase operations, coordinated with other central banks around the world in efforts to ensure smooth functioning of the market, and introduced measures to facilitate corporate financing. Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. For optimum experience we recommend to update your browser to the latest version. Targeted support, combined with domestic demand stimulus in a recovery, will help to reduce scarring, but it needs to reach people and smaller firms. China. This is a synchronized contraction, a sudden global shutdown. But there is no room for complacency. With the envisioned new rules likely to affect U.S. technology companies, Washington has proposed a "safe-harbor" regime that tax experts have said would allow companies to choose to continue operating under the current taxation rules. China slowdown: China’s growth is projected to decline from 6.1 percent in 2019 to 1.2 percent 2020. China’s economy is beginning to get back to work, other economies are imposing tighter lockdowns, and some are experiencing a second wave of virus infections. Downward revisions are substantial, ranging from 3.5 percentage points in the case of Korea—which appears to have managed to slow the spread of the coronavirus while minimizing prolonged production shutdowns—to over 9 percentage points in the case of Australia, Thailand and New Zealand—all hit by the global tourism slowdown, and in the case of Australia by lower commodity prices.