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IMF delays release of new forecast to Jan 25 to factor in COVID-19 developments -Breaking

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© Reuters. FILEPHOTO: This is the International Monetary Fund’s logo outside Washington, U.S.A. on September 4, 2018. REUTERS/Yuri Gripas

By Andrea Shalal

WASHINGTON, (Reuters) – The International Monetary Fund’s World Economic Outlook will be released on January 25th, a week earlier than expected, in order to account for COVID-19 developments. A spokesperson said Tuesday that the announcement came amid indications of another downgrade.

“The World Economic Outlook update will be launched on January 25 to allow our teams to incorporate the latest developments related to the COVID-19 pandemic into the economic forecasts,” the spokesperson said.

Gerry Rice, spokesperson for the IMF, told reporters last month that an update would be available on January 19.

Kristalina Georgieva, Managing Director of IMF said last month at the Reuters Next conference the IMF would likely further reduce its projections for global economic growth in January due to the emergence Omicron coronavirus.

IMF predicted global economic growth in October of 5.9%-2021, and 4.9% for this year. It also underlined the uncertainty created by the coronavirus variants.

In the two-year period, 5.8 million people around the world have died from coronavirus.

According to economists, IMF is likely to reduce its economic outlook for the United States. This country has the largest economy in the world and was hit hard by the Omicron virus. Congress also failed to pass the $1.2 billion climate and social spending package.

The company had already reduced its U.S. growth forecasts in October. It forecasts growth of 5.2% for 2022 and Gross Domestic Product growth by 20% in 2021.

In the years since, the pandemic has intensified again and divisions have deepened in Congress.

A Reuters tally shows that the United States has set a world record with almost 1 million coronavirus cases. The daily average for this week is 486,000, which is significantly higher than in any other country.

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