IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

IMF cuts Asia's growth forecast, warns of pandemic-driven risks

an hour ago

A woman, wearing a face mask, checks her mobile phone as she waits to cross a street in Beijing on Wednesday. Agence France-Presse

The International Monetary Fund (IMF) slashed this year's economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region.

While the IMF upgraded next year's growth forecast, it warned the recovery will be sluggish and patchy with countries dependent on tourism seen taking a particularly hard hit.

"Fear of infection and social distancing measures are dimming consumer confidence and will keep economic activity below capacity until a vaccine is developed,“ the IMF said in a report on the Asia-Pacific region released on Wednesday.

"Although