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Economy

Only emerging Asia will see growth in grim 2020, IMF says

US GDP to shrink 6% while Japan dips 5% in worst recession since Great Depression

People wear masks at Shanghai's main shopping area after the city's emergency alert level for COVID-19 was downgraded. The IMF sees China's growth rate dropping to 1.2% this year.   © Reuters

NEW YORK -- The International Monetary Fund offered a dismal economic prognosis for the year in a report published Tuesday, including a 5.9% contraction in U.S. output and growth of just 1.2% in China, as the coronavirus pandemic rages on.

The world economy is forecast to shrink 3% in 2020, erasing last year's growth of 2.9%.

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