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"The rebound in 2021 depends critically on the pandemic fading in the second half of 2020, allowing containment efforts to be gradually scaled back and restoring consumer and investor confidence," the report said.Access latest oil news and analysis, conferences and events. Adverse confidence effects are likely to further weigh on economic prospects.
"To continue reading you must login or register with us.Access latest power news and analysis, conferences and events.Receive daily email alerts, subscriber notes & personalize your experience. "Although essential to contain the virus, lockdowns and restrictions on mobility are extracting a sizable toll on economic activity. "Futures markets indicate that oil prices will remain below $45/b through 2023, some 25% lower than the 2019 average price, reflecting persistently weak demand," the report said. "These developments are expected to weigh heavily on oil exporters with undiversified revenues and exports -- particularly on high-cost producers -- and compound the shock from domestic infections, tighter global financial conditions, and weaker external demand. GDP, Gross Domestic Product, Real, Nominal, Deflator, Index, Growth, Change Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP … "A partial recovery is projected for 2021, with above trend growth rates, but the level of GDP will remain below the pre-virus trend, with considerable uncertainty about the strength of the rebound," Gopinath said.EDF sees Eur1 billion impact from coronavirus, offset by higher pricesAccess latest metal news and analysis, conferences and events.Access latest gas news and analysis, conferences and events.IMF previously assumed 2020 oil price of $58.03/b- {{metadata.tags.article.location}}We generated a verification code for youOil exporters in general will see their growth shrink 4.4% in 2020 due to the crude price crash, the report said. World Economic Outlook (WEO) data, IMF Global Econ Data >> weo >> GDP, current prices Large Economies Argentina $328b: Russia $1,661b Australia $1,055b: Singapore $190b Brazil $1,650b: South Africa $274b Canada $1,503b: Sweden $486b China $4,520b: Turkey $730b Denmark $344b: United Kingdom $2,657b France $2,843b: United States $14,292b Germany $3,641b: India $1,251b: Italy … Changes to the April 2020 Database. In the table below, countries are ranked by the gross domestic product measured in purchasing power parities (PPP) at current prices. In its January report, the fund assumed an oil price of $58.03/b in 2020, and $55.31/b in 2021. "This would follow if the pandemic and containment measures last longer, emerging and developing economies are even more severely hit, tight financial conditions persist, or if widespread scarring effects emerge due to firm closures and extended unemployment. "Some aspects that underpin the rebound may not materialize, and worse global growth outcomes are possible -- for example, a deeper contraction in 2020 and a shallower recovery in 2021 -- depending on the pathway of the pandemic and the severity of the associated economic and financial consequences," the report said.North American Crude Oil Summit, 3rd annualAccess latest shipping news and analysis, conferences and events. Other GDP-related dashboards:Historical GDP by countryHistorical GDP per … Oil prices are currently trading below the fund's forecast despite the OPEC+ group agreement on Sunday to cut a record 9.7 million b/d in May and June this year and gradually decrease cuts through April 2022. However future prices are unlikely to return to pre-coronavirus levels, the report said.By comparison, in 2010 global growth rebounded to 5.4% from a 0.1% contraction in 2009.Oil prices are currently trading below the fund's forecast despite the OPEC+ group agreement on Sunday to cut a record 9.7 million b/d in May and June this year and gradually decrease cuts through April 2022.In this week’s Market Movers: an unusual discount held by NYMEX ULSD futures versus NYMEX RBOB is...Access latest petrochemicals news and analysis, conferences and events.In its January report, the fund assumed an oil price of $58.03/b in 2020, and $55.31/b in 2021. "Emerging economies will suffer less and shrink by 1%, with China's growth rate slashed to 1.2% in 2020 from 6.1% in 2019.IMF had forecast 3.3% growth for 2020 in JanuaryMarket Movers Americas, July 27-31: ULSD's discount to RBOB narrows as diesel supply thinsThe fund, which had projected a 3.3% growth in 2020 only in January, said the 3% contraction scenario was based on the pandemic subsiding in the second half of 2020. World Economic Outlook, April 2020: The Great Lockdown April 6, 2020 Description: The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. This page presents GDP forecast figures by country for the period from 2020 to 2024 as estimated by the IMF in its latest edition of World Economic Outlook (WEO) as of October 2019. As a guideline, past WEOs have been released on the Tuesday prior to the Annua…