WORLD COVID-19 resurgence poses biggest risk to US economy: IMF

WORLD

COVID-19 resurgence poses biggest risk to US economy: IMF

AFP

00:10, July 18, 2020

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File photo: Agencies

The dominant risk to the US economic recovery is a resurgence of COVID-19 cases that would force renewed business shutdowns, the International Monetary Fund warned Friday.

The US government will need to do more in coming months to provide support to households and boost demand, as well as address worsening poverty and the shortcomings of the US health system, the IMF said in its annual Article IV report on the world's biggest economy.

The second quarter saw a 37 percent collapse in GDP, which is expected to contract by 6.6 percent in 2020, the fund said, stressing the "tremendous uncertainties" surrounding the outlook.

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