IMF: Deeper-than-expected contraction in U.S. economy likely in second quarter

GLOBAL ECONOMY - WASHINGTON. A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday.

Details will be released when the International Monetary Fund releases its updated World Economic Outlook on June 24, spokesman Gerry Rice told a regular briefing held online.

He said the Chinese economy was gaining momentum, with high frequency data showing a stronger-than-expected recovery in investment and services through May. Overall, the balance of risks remained on the downside, he said.

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