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IMF estimates global Covid cost at $28tn in lost output

World economic outlook says 2020 impact is less than thought but there will be deep scars

The International Monetary Fund has scaled back its estimate of the hit to the global economy from Covid-19 this year but warned that the final bill for the pandemic would total $28tn (£21.5tn) in lost output.

In its flagship world economic outlook, the IMF said a stronger than expected performance in the second and third quarters meant it believed global output would fall by 4.4% in 2020 compared with the 5.2% drop forecast during the summer.

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