'Severe and unprecedented': IMF warns Asia's economy will not grow in 2020 because of coronavirus
Asia has been among the fastest-growing regions in the world. During previous crises such as the Asian financial crisis in 1997 and the global financial crisis around 2008-2009, the region still managed to grow, said the International Monetary Fund.
But for the first time in 60 years, Asia as a region will not register any economic growth this year because of the coronavirus pandemic, according to IMF forecasts. "While there is huge uncertainty about 2020 growth prospects, and even more so about the 2021 outlook, the impact of the coronavirus on the region will — across the board — be severe and unprecedented," Chang Yong Rhee, director of IMF's Asia and Pacific Department, wrote in a blog post.
Travelers walk to the exit of the Hankou Railway Station in Wuhan in central China's Hubei province Wednesday, April 08, 2020, after 76 days of lockdown of the city due to Covid-19.
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