NCoV may bring risks to global economy’s frail recovery: IMF

WASHINGTON- The coronavirus contagion has already brought intensive level of tension in China’s economy and further spread of the virus to other nations could inflict more damage to an already weak recovery of global economy, the International Monetary Fund disclosed on Wednesday.

Included in the document released by the international lender were risks including the novel coronavirus, reemerging concerns brought by Sino-US trade tensions, and natural calamities.

The spread of virus remained to be an indicator that unforeseen events could directly impact an already weak and slow-paced recovery of the economy. In line with this, G20 policymakers were nudged to intensively work in order to minimize and completely mitigate other economic threats connected to trade, climate change, and inequality. 

Financial chairpersons and central bankers from 20 leading economies will meet in Riyadh, Saudi Arabia to assess the impact of the new strain of coronavirus, more commonly known as NCoV-2019.Despite the wide range of contagion, the IMF disclosed that it will still stick to its January prediction of 3.3%, margin higher from its 2.9 % forecast in 2019.