2020 Projected Consumer Prices (% Change). After that, growth should pick up more pace, with the additional momentum continuing into next year. She says the escalation of US-China trade tensions contributed to last year's slowdown. IMF economist chief economist Gita Gopinath warns about trade tensions, One man's battle against 'toxic invader' Video, Secret erotic drawings worth £2m kept under bed. You can change your choices at any time by visiting Your Privacy Controls. VP debate: Did gender play a role in the interruptions? She also mentions risks associated with Brexit. She refers to cars in particular, an area where President Trump is considering new tariffs on imported goods. Published 16 October 2013 Last updated 16 September 2020 — see all updates Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. A man has his temperature checked before entering a building. By Andrew WalkerBBC World Service economics correspondent. Listed below are items related to United Arab Emirates. The slowdown there, which began at the start of the decade, is expected to continue. Three GDP projections from the OBR, IMF and NIESR expect the GDP of the United Kingdom (UK) to increase with more than one percent in 2019. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. The institution will present its latest economic forecasts next week. US election 2020 polls: Who is ahead - Trump or Biden? Ms Gopinath also expects a partial recovery in the eurozone. The downward revision of 0.2 percentage points for global growth is spread widely. Manuals, guides, and other material on statistical practices at the IMF, in member countries, and of the statistical community at large are also available. The last Article IV Executive Board Consultation was on January 13, 2020. The IMF expects weaker performance in Latin America, as well as in the Middle East and North Africa. Board Discussions on United Arab Emirates. Gita Gopinath says that while she does not predict a global recession, "there are are many downside risks". The weakness in the forecast reflects a slowdown in the latter part of 2018, which the IMF expects to continue in the first half of this year. That, she suggests, could lead to "large disruptions to global supply chains". 1st Joint Bank of England - Banque de France - IMF - OECD Workshop on International Capital Flows and Financial Policies October 20-21, 2020 - Virtual More Conferences (photo: CHINE NOUVELLE/SIPA/Newscom). The picture today is less dire,” Georgieva said. The UK economy is predicted to grow by 1.2% in 2019, down 0.3% from the IMF forecast in January. Michigan Governor Gretchen Whitmer has become a target of coronavirus lockdown sceptics. US proposes tariffs on $11bn of EU products, .css-gw44ni-IconContainer{display:inline-block;height:1em;width:1em;vertical-align:-0.125em;margin-right:0.25em;}playIMF economist chief economist Gita Gopinath warns about trade tensions. A no-deal Brexit would be more costly. Modify your profile. The Middle East and Central Asia countries acted quickly and decisively in response to COVID-19. © 2020 International Monetary Fund. Despite their efforts, the pandemic has inflicted heavy economic damage on the region. The IMF does expect some degree of incomplete recovery in … Try … The UK economy is likely to shrink by 10.2% this year in the wake of the coronavirus, according to new analysis by the International Monetary Fund (IMF). Growth in 2020 has also been revised down. United Arab Emirates Executive Board Calendar. Read about our approach to external linking. All rights reserved. The IMF Press Center is a password-protected site for working journalists. Nagorno-Karabakh: Armenia accuses Azerbaijan of shelling Shusha cathedral, US proposes tariffs on EU cheese and wine. Despite their efforts, the pandemic has inflicted heavy economic damage on the region. OECD ECONOMIC OUTLOOK Report june 2020 Extract of the report 10 june 2020 The spread of Covid-19 has shaken people’s lives around the globe in an extraordinary way, threatening health, disrupting economic activity, and hurting wellbeing and jobs. There is no sign in her blog, or in the IMF's report, of any sympathy for President Trump's view that the main thing holding back the US economy is the Federal Reserve's increases in interest rates over the last two years. In June, the organisation forecast a 4.9% contraction in GDP for 2020 - including a 10.2% collapse for the UK - marking the sharpest slump since the … The US, however, is likely to slow further, growing by slightly less than 2% next year as the impact of President Donald Trump's tax cuts fades. © 2020 BBC. According to the IMF, global public debt will reach a record high of 100% of GDP this year. The first she mentions is the possibility that global trade tensions could flare up again and spread into new areas. In 2021 global growth is projected at 5.4 percent. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Updated IMF forecasts indicate a deeper recession in 2020 and a shallower recovery in 2021 for the world economy. OECD ECONOMIC OUTLOOK Report june 2020 Extract of the report 10 june 2020 The spread of Covid-19 has shaken people’s lives around the globe in an extraordinary way, threatening health, disrupting economic activity, and hurting wellbeing and jobs. The BBC is not responsible for the content of external sites. .css-8h1dth-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-8h1dth-Link:hover,.css-8h1dth-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. But Ms Gopinath describes that recovery as "precarious". .css-14iz86j-BoldText{font-weight:bold;}The global economy is at what the International Monetary Fund's chief economist calls a "delicate moment". Its World Economic Outlook on Wednesday forecasts a 4.9% decline in global output this year, in a far steeper downturn than the Great Depression of the 1930s. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Article IV Staff Reports Financial Position in the Fund Financial Sector Assessment Program Transactions with the Fund Contact Us Email notification sign-up. That was a particular problem in the euro-area financial crisis, when financial problems for governments and banks reinforced one another. Developed economies affected include the US, the UK and the eurozone. That raises the possibility of what she calls sovereign/bank doom loops. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. 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. The UK economy is predicted to grow by 1.2% in 2019, down 0.3% from the IMF forecast in January. The Middle East and Central Asia countries acted quickly and decisively in response to COVID-19. VideoSecret erotic drawings worth £2m kept under bed, Former pro-surfer survives close call with shark. In all, the IMF will soon make a "small upward revision" to its 2020 growth forecast, the managing director said. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Germany's economy: Should we be worried? VideoFour Covid rules broken by the White House, Portrait of Victoria's African goddaughter on show, .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}FBI busts militia 'plot' to abduct Michigan Gov Gretchen Whitmer.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, Top Republican Mitch McConnell avoids White House over Covid-192, Why some onions were too sexy for Facebook3, Presidential debate: Trump refuses to take part in virtual TV event4, Chaïma: Algeria women protest over teen's rape and murder5, South Korean tower block engulfed in flames6, US election 2020 polls: Who is ahead - Trump or Biden?7, Belgian anaesthetist accused of causing Brit's death while drunk8, VP debate: Did gender play a role in the interruptions?9, Nagorno-Karabakh: Armenia accuses Azerbaijan of shelling Shusha cathedral10. VideoFormer pro-surfer survives close call with shark, 'Today's the day our fathers bless us to be men' Video'Today's the day our fathers bless us to be men', 'He scared the hell out of a million guitarists', Four Covid rules broken by the White House. The … Growth in 2020 has also been revised down. The risks that Ms Gopinath warns about include some familiar ones. Trump refuses to take part in virtual TV debate, Top Republican avoids White House over Covid-19, Deserted resort reopens but the tourists will wait, Final call for BA 747s. VideoFinal call for BA 747s, One man's battle against 'toxic invader' VideoOne man's battle against 'toxic invader', Secret erotic drawings worth £2m kept under bed. Growth projections have been revised down since the April 2020 Regional Economic Outlook, the IMF says in its latest update to the report. Yahoo is part of Verizon Media. The IMF publishes a range of time series data on IMF lending, exchange rates and other economic and financial indicators. Video, Former pro-surfer survives close call with shark, 'Today's the day our fathers bless us to be men' Video, 'Today's the day our fathers bless us to be men', Four Covid rules broken by the White House. The revisions are especially marked for Germany and Italy, which is already in recession. Video, Secret erotic drawings worth £2m kept under bed, Former pro-surfer survives close call with shark. The IMF has released its regular assessment of the World Economic Outlook, which forecasts global growth of 3.3% this year and 3.6% in 2020. Belgian anaesthetist accused of causing Brit's death while drunk. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development.