Asia's economic growth for 2020 will grind to a halt for the first time in 60 years – IMF
Passerbys walk past an electric screen showing Asian markets indices outside a brokerage in Tokyo, Japan, July 1, 2019.
"This is not a time for business as usual. Asian countries need to use all policy instruments in their toolkits." The IMF expects a 7.6 percent expansion in Asian economic growth next year on the assumption that containment policies succeed, but added the outlook was highly uncertain. China's economy is expected to grow by 1.2 percent this year, down from 6 percent growth in the IMF's January forecast, on weak exports and losses in domestic activity due to social distancing steps.
"Chinese policymakers have reacted very strongly to the outbreak of the crisis ... if the situation becomes aggravated, they have more room to use fiscal, monetary policies," Rhee said. "Whether that would be needed will really depend on progress in containing the virus."
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