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The International Monetary Fund (IMF) said on Wednesday that the global economic output is expected to be about 3% lower in 2024 than projections that were made before the coronavirus pandemic, as reported by Reuters.

“Systemic financial stress is largely avoided in COVID-19 crisis  but the recovery is still challenging for some countries,” the IMF further noted in a blog post summarizing its updated World Economic Outlook report.

“Unlike what happened during the global financial crisis, emerging market and developing economies are expected to have deeper scars than advanced economies, with losses expected to be the largest among low-income countries,” it added.

Market reaction

The market mood was largely unaffected on this headline and the S&P 500 futures were last seen gaining 0.18% on a daily basis.