International Monetary FundWith most of the world facing a deep recession due to the coronavirus pandemic, China will be the only major economy to climb back from the depths of the historic crisis in 2020, according to the International Monetary Fund (IMF). Despite the reopening of economies, global growth is projected to contract by 4.4 percent, the IMF said in its latest World Economic Outlook (WEO) report published earlier this week. While the outlook signals an upward revision of 0.8 percent compared to the body’s previous forecast, this year still marks the worst crisis since the Great Depression of the 1930s. This upgrade owes to somewhat less dire outcomes in the second quarter, as well as signs of a stronger recovery in the third quarter, offset partly by downgrades in some emerging and developing economies,” the report reads. Most countries are not expected to rebound before next year, when global output is set to grow by 5.2 percent. This is a downward revision of 0.2 percent compared to the IMF’s June projection. China is set to be the only exception in this gloomy forecast because it can avoid recession and even expand its economy, though not as much as during previous years. The IMF anticipates that China’s gross domestic product (GDP) will jump 1.9 percent in 2020, while other emerging and advanced economies are set to plunge 5.7 percent and 5.8 percent, respectively.