IMF chief sees 'mild' virus impact on global economy

News Image

MG News | February 13, 2020 at 09:40 AM GMT+05:00

0:00

Feb 13, 2020: It is too early to tell the economic toll from the virus outbreak in China, but the hit to global growth should be "mild," International Monetary Fund chief Kristalina Georgieva said Wednesday.

The death toll from the new coronavirus epidemic in China has climbed past 1,350, but hopes have risen that the outbreak could peak later this month.

The IMF is expecting a "V-shaped impact," with a sharp decline in activity in China followed by a sharp recovery, meaning there likely will only be a "mild impact on the rest of the world," Georgieva said on CNBC.

But she cautioned: "It is still too early to make projections," and the global economy is "somewhat less strong" than it was when China faced the SARS virus epidemic in 2003.

"China was different, the world was different. This virus is clearly more impactful and the world economy then was very strong," she said.

The IMF projects China's economy will grow 6.0 percent this year, compared to 10 percent in 2003.

US officials likewise are reluctant to provide forecasts but say the impact on the American economy probably will be short-lived.

"There's no question it's having a significant impact in China," Treasury Secretary Steven Mnuchin told legislators Wednesday. But for the US economy "I don't expect that the coronavirus will have an impact beyond this year."

He echoed the comments from Federal Reserve Chairman Jerome Powell, saying, "we're obviously monitoring very carefully."

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 18, 2025 at 07:21 PM GMT+05:00

Pakistan strengthens UK trade links


July 18, 2025 at 05:36 PM GMT+05:00

Pakistan, China set to advance agricultural innovation


July 18, 2025 at 05:10 PM GMT+05:00

PSX Closing Bell: Riding High, Ending Low



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg