The International Monetary Fund (IMF) released 19 reports that the world economy will drop 0.5% to 1% this year, the first negative growth in 60 years.

IMF, in the analysis report to the group of twenty, said that although many countries have launched a large-scale stimulus plan, Global trade is still shrinking. Manufacturing and employment data show that the world economy continued to shrink in the first quarter of this year, while the world economy dropped by 5% in the fourth quarter of last year.

According to the analysis, the global economy will drop by 0.5% to 1% this year, and the developed countries will suffer a "deep recession", which will drop 3% to 3.5% this year.

In developed countries, the US economy will drop by 2.6% this year, the euro area will fall by 3.2%, and Japan will fall by 5.8%.

The emerging and developing economies are slightly better and their economy will grow by 1.5% to 2.5% this year.

However, Asia's economy, including China, will slow down due to export contraction.

But the report also pointed out that China's domestic demand will be strongly supported by economic policies.

In his report, IMF called on the members of the group of twenty to work out an economic stimulus plan equivalent to 2% of GDP to promote economic recovery. At the same time, all countries should take effective measures to stabilize the financial market.

The report also warned that if the financial markets in developed countries continue to deteriorate, their economic recession will become more serious.

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