IMF: Asia's Economy Will Encounter Zero Growth For The First Time In 60 Years, Challenging More Than The Financial Crisis
The International Monetary Fund (IMF) said on the 16th that due to the "unprecedented" loss of the new crown pneumonia epidemic crisis to the service industry and major export destinations in the region, the Asian economy is likely to experience zero growth for the first time in 60 years. In its report on the Asia-Pacific region released on Thursday, the IMF said that although Asia ’s economic performance will be better than the rest of the world affected by the epidemic, it will still face serious impacts, more than the 2008 global financial crisis and the late 1990s Asian financial During the crisis, the average growth rates at the time were 4.7% and 1.3%, respectively. The IMF said that this crisis is different from the global financial crisis in 2008. The outbreak directly forced residents of the region to stay at home and closed stores, which directly hit the service industry in the region. The major exporters in the region have also been hit by a decline in demand from major trading partners such as the United States and European countries. This has not happened before. The IMF predicts that, under the premise of successfully curbing the epidemic, Asian economic growth will return to 7.6% next year, but the current outlook is highly uncertain.