China growth forecast at a low of 1.2pc

In its latest outlook, the IMF expects economic contractions this year of 5.9 percent in the United States, 7.5 percent in the 19 European countries that share the euro currency, 5.2 percent in Japan and 6.5 percent in the United Kingdom.

China, where the deadly coronavirus pandemic originated, is expected to eke out 1.2 percent growth this year.

The world’s second-biggest economy, which had gone into lockdown, has begun to open up well before other countries.

Worldwide trade will plummet by 11 percent this year, the IMF predicts, and then grow by 8.4 percent in 2021.-AP