On October 13, the International Monetary Fund (IMF) released the latest world Economic Outlook Report in Washington, the United States. The report raises its forecast for global GDP growth in 2020, estimating that global GDP would shrink by 4.4% this year, which is 0.8 percentage points higher than the forecast in June. This means that the IMF believes that the outlook for the global economy has improved outlook compared with the situation in June. However, the IMF also lowered its forecast for global GDP growth in 2021, prejecting that global GDP will grow 5.2% next year, 0.2 percentage points lower than in the June WEO update. That means the road to global recovery will be harder than expected. The IMF stressed that by the end of 2021, none of the world's major economies except China will be able to return to the level of economic growth seen in 2019. The IMF forecasts China's economic growth of 1.9% in 2020, up 0.9 percentage points from June, and a recovery of 8.2% in 2021, unchanged from June. Even if the IMF raises its growth forecast for this year, the crisis has done irreparable damage to the global economy. The IMF expects that by 2012, the economic growth level of advanced economies to still decline by about 4.7% relative to 2019, and emerging economies other than China will decline by 8.1%.