IMF's Georgieva: Chinese economy to grow 5.6% in 2020, 0.4% lower than January outlook

The current baseline scenario sees China's economy returning to normal in the second quarter of the year with relatively minor and short-lived impact on the world economy, International Monetary Fund Managing Director Kristalina Georgieva said at G20 meeting in Riyadh on Saturday.

Key takeaways

"Current scenario sees 2020 growth for China at 5.6% in 2020, down 0.4 percentage points from January outlook."

"Baseline scenario sees 0.1 percentage point drop in global growth for 2020 as result of coronavirus outbreak."

"IMF continuing to look at more dire scenarios with longer, more widespread virus incidence, more protracted growth consequences."

"Global cooperation essential to containment of COVID-19, particularly if outbreak more persistent and widespread."

"IMF ready to help through grants for debt relief to poorest, most vulnerable members."