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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.