“We are likely to revise downward further on the basis of incoming data, which tells us that most countries are doing worse than we had projected”
The IMF will probably lower its 2020 economic growth estimate from its April forecast of a 3% contraction, said Managing Director Kristalina Georgieva.
A new outlook will be released on June 24 and is expected to reflect extremely challenging conditions, Georgieva said in a speech on June 13 and posted on IMF's website.
"We are likely to revise downward further on the basis of incoming data, which tells us that most countries are doing worse than we had projected," she said, noting that only a small number of states are doing better, but not enough to prop up growth. "The real economy is hit hard."
According to new IMF estimates, because of the crisis to 100 million people could be pushed into extreme poverty, and additional funds should be made to minimise job losses and prevent the growth of inequality, said Georgieva.
According to the head of the IMF to promote a more inclusive recovery, the investment must be focused on facilitating access to health and education, strengthening measures to mitigate climate change and increase the access of low-income households and small businesses to financial products and technologies, reports India's Times Hub