The global economy is set to contract less severely than initially feared due to better-than-expected outcomes in the main economies in the second quarter despite the lockdowns to battle the coronavirus pandemic, but the outlook remains clouded with uncertainty, especially for emerging markets, the International Monetary Fund said Tuesday.
In its latest World Economic Outlook, the lender forecast a 4.4 percent contraction for the world economy this year, which is less severe than the 5.2 percent decline seen in June.
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