WASHINGTON - The International Monetary Fund (IMF) on Wednesday (April 15) revised down the growth rate in 2020 of the Asean-5 countries - Indonesia, Malaysia, Philippines, Singapore, and Thailand - to minus 1.3 per cent.. Read more at straitstimes.com.
WASHINGTON - The International Monetary Fund on Wednesday revised down the growth rate in 2020 of the Asean-5 countries - Indonesia, Malaysia, Philippines, Singapore, and Thailand - to minus 1.3 per cent.
"This is an unprecedented time," Mr Rhee said."And this 12 per cent is in line and even at the lower end of what Europe and even the US is currently doing." Japan's economic outlook for 2020 has deteriorated significantly, with real GDP expected to decline by 5.2 per cent. Korea is anticipated to have negative 1.2 per cent growth, Mr Rhee said."The negative impact on growth is expected to be smaller than in most other advanced economies, reflecting effective strategy to flatten the infection curve, which has avoided major production shutdowns in manufacturing and services."
Despite the negative outlook, however, Asia's growth still fares better than other regions, Mr Rhee said."This is not a time for business as usual. Asian countries need to use all policy instruments in their toolkits. In doing so, policy tradeoffs will be inevitable and will depend on policy space," he said.
"The pandemic is also affecting financial market functioning. Use monetary and macroprudential regulations flexibly to provide ample liquidity, ease financial stress of industries and SMEs ."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asean must mount united response to pandemic, says PM LeeASEAN has to mount a united response to the coronavirus pandemic as the region is deeply connected and interdependent, said Prime Minister Lee Hsien Loong on Tuesday. Read more at The Business Times.
Read more »
ASEAN leaders meet online to tackle COVID-19Vietnam will urge Southeast Asian leaders to set up an emergency fund to tackle the coronavirus at a summit held online on Tuesday, as the ...
Read more »
COVID-19: ASEAN should have guidelines on imposing travel or trade restrictions, says PM LeeSINGAPORE: To build resilience for future economic shocks, countries in the region should have common criteria on travel and trade restrictions, ...
Read more »
Coronavirus 'Great Lockdown' to shrink global economy by 3per cent in 2020: IMFThe global economy is expected to shrink by 3.0per cent during 2020 in a stunning coronavirus-driven collapse of activity that will mark the ...
Read more »
Pandemic causing deep recession, and it could get worse: IMFThe coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday. The downturn will slash $9 trillion from the world economy, IMF chief economist
Read more »
China, India to narrowly avoid recession in COVID-19 stricken 2020: IMFSome of Asia's biggest economies are likely to narrowly avoid recession this year and are poised to bounce back strongly in 2021 if the ...
Read more »