IMF says Asia likely to suffer zero economic growth for the first time in 60 years due to the coronavirus pandemic.
The International Monetary Fund (IMF) says the global economy is expected to shrink by three percent this year - the biggest contraction since the Great Depression of the 1930s. G20 nations agreed to suspend debt payments owed to them by the world's poorest countries reports Aljazeera.
The International Monetary Fund says the coronavirus pandemic is likely to bring Asia's economic growth to a a standstill for the first time in 60 years.
"These are highly uncertain and challenging times for the global economy. The Asia-Pacific region is no exception. The impact of the coronavirus on the region will be severe, across the board, and unprecedented," says Changyong Rhee, director of the IMF's Asia and Pacific Department.
Governments must offer targeted support to hardest-hit households and firms, he says, adding that the crisis requires "a comprehensive and coordinated policy response".
The zero growth projection for Asia is worse than the 4.7 percent average growth rates recorded in the region throughout the global financial crisis in 200