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Asian stocks sink after IMF says global economy will shrink
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Asian stocks skidded Wednesday after the International Monetary Fund said the global economy will suffer its worst year since the Great Depression of the 1930s due to the coronavirus pandemic.
Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney declined despite Wall Street's overnight gain driven by buying of technology stocks.
India advanced. The IMF's latest forecast said this year's global economic output will shrink by 3%, a bigger loss than 2009's 0.1% decline.
That was a marked reverse from the Fund's previous forecast in January of 3.3% growth before the virus prompted governments to shut down factories, travel and other industries. “The IMF forecast a deep economic winter," said Hayaki Narita of Mizuho Bank in a report.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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