Global economy seen to contract 4 pct this year: poll
SEOUL, June 7 (Yonhap) -- Business lobby groups in 18 countries forecast the global economy to contract 4 percent this year due to the impact of the new coronavirus outbreak, a South Korean industry association said Sunday.
The 4 percent negative growth outlook is worse than the International Monetary Fund's forecast of a 3 percent contraction for the year and better than the Organization for Economic Cooperation and Development's 5.1 percent contraction, the Federation of Korean Industries (FKI) said in a statement.
In FKI's poll of economic associations in 18 countries, including the United States and Japan, more than 50 percent of them expected another worldwide economic lockdown due to a possible second wave of the COVID-19 pandemic later this year, the statement said.
Half the countries expected the global economy to rebound in April 2021 and return to normal in late 2022.
They also said manufacturers are expected to reduce production in China and other emerging countries to avoid any major disruptions in supply chains that took place due to the coronavirus outbreak this year.
The pandemic, which surfaced in China late last year, has killed more than 390,000 people worldwide and infected nearly 6.7 million in just a few months, a tally from Johns Hopkins University showed.
kyongae.choi@yna.co.kr
(END)
-
New BTS song 'Film Out' tops Japan's Oricon weekly chart
-
Red Velvet's Wendy sings from the heart in tranquil debut album
-
'Fake Love' becomes 4th BTS video to top 900 mln views
-
Woman indicted over death of daughter, disappearance of granddaughter
-
(News Focus) BTS company Hybe looks onward, upward with Ithaca merger
-
(Yonhap Feature) How young voters, once solid supporters of liberal causes, turned against Moon's party in by-elections
-
Moon takes election rout as 'reprimand' from the public, Cheong Wa Dae says
-
Boy band TXT to perform on Ellen DeGeneres show in latest global push
-
SHINee's weekend online concert draws fans from 120 countries
-
(News Focus) With mobile biz left behind, LG Electronics now sets sights on vehicle parts, AI
-
Man sentenced to 6 years in prison for trafficking marijuana
-
(LEAD) New virus cases in 600s for 3rd day amid extended social distancing scheme
-
S. Korea, U.S. authorities assess N.K. has completed building new 3,000-ton submarine: sources
-
S. Korea joins 'elite group' of fighter jet makers: CNN
-
S. Korean PM departs for Iran amid tension over seized Tehran funds