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The International Financial Association (IIF) on Thursday cut growth forecasts for the United States and China, while warning that global growth could hit its lowest level since the global financial crisis.
The new coronavirus epidemic hit the economy. IIF reduced the US economic growth forecast from 2% to 1.3% this year, especially weak in the second quarter. China's economic growth forecast fell from 5.9% to just under 4%.
IIF said that global economic growth is expected to be close to 1% in 2020, far lower than 2.6% in 2019, the lowest since the financial crisis.
"There is a considerable range of possible outcomes, depending on the spread of the epidemic and the economic impact it has caused, which are highly uncertain at this stage," IIF analysts said in the report.
In addition to the world's top two economies, IIF points out that Germany, Japan and emerging markets are also vulnerable.
On Tuesday, the Federal Reserve cut interest rates by 50 basis points to a target range of 1.00-1.25% urgently to avoid the impact of the epidemic on the U.S. economy.
IIF said the move provided an opportunity for some emerging market central banks to cut interest rates, which have so far kept rates unchanged on concerns that their currencies could fall.


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