Brazil and Mexico will have a contraction of 5.8% and 9% of their GDP respectively
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The International Monetary Fund (IMF) has updated its global economic projections. According to its latest forecasts , the world economy will contract by 4.4% in 2020. This represents a slight improvement compared to the agency's latest outlook for June 2020 and is partly due, according to the entity, to the rapid reopening of China and stimuli in rich countries in the wake of the coronavirus pandemic. Despite this slight improvement, the IMF warns that the economic recovery "will probably be long, uneven and uncertain."
According to IMF calculations, Spain will suffer the biggest collapse of advanced economies this year, as its GDP will fall by 12.8%. However, the forecasts for 2021 are more optimistic, as Spanish GDP is expected to grow by 7.2%. In 2020, in the other so-called 'advanced economies', such as the United States (-4.3%), Germany (-6.0), Japan (-5.3) or the United Kingdom (-9.8%) the fall in GDP will be less. China, by contrast, will avoid recession, increasing real GDP by 1.9 percent.
The two main Latin American economies, Brazil and Mexico , will register a contraction of 5.8% and 9% of their GDP this year, respectively. In 2021, the economies of both countries are expected to experience a recovery: the Mexican GDP will grow by 3.5% and the Brazilian by 2.8%.