Global growth will collapse 4.4 percent this year, less than previously expected, the IMF said Tuesday, though the outlook is beset by uncertainty amid the ongoing pandemic.
Massive injections of government aid kept economies from plunging further, though growth in 2021 is expected to be slightly slower than forecast in June, according to the Washington-based crisis lender’s World Economic Outlook.Around $3 trillion in stimulus spending kept the United States from a disastrous contraction and growth is expected to decline just 4.3 percent this year. China will see its economy expand by 1.9 percent.
Even amid the improved news, countries like India, Spain and Italy will see double digit declines, while Britain just misses that threshold with a 9.8 percent contraction, the IMF said.