Xinhua world economic news summary at 0900 GMT, May 20

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BUDAPEST -- The government of Hungary will allocate an extra 150 billion Hungarian forints (469 million U.S. dollars) to the full revamping of tourist accommodations and other developments in the country, the head of the Hungarian Tourism Agency (MTU) Zoltan Guller said on Tuesday.

"All privately-owned accommodations will receive one million forints per room for development and reconstruction," the Hungarian news agency MTI quoted Guller as saying. (Hungary-Tourism-COVID-19)

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BERLIN -- German Chancellor Angela Merkel on Tuesday began promoting a 500-billion-euro (547 billion U.S. dollars) European Union (EU) recovery fund to help the coronavirus-battered European economies and regions.

During a video conference with the prime ministers of Poland, Czech Republic, Slovakia and Hungary, Merkel presented the main points of the French-German initiative for Europe's economic recovery after the coronavirus crisis, according to the German government. (Germany-Fund)

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SEOUL -- South Korea's state-run economic think tank on Wednesday announced a gloomy growth outlook for this year due to worry about an economic fallout from the COVID-19 outbreak across the world.

The Korea Development Institute (KDI) said in its first-half growth outlook report that the economy is expected to grow 0.2 percent in 2020 before rebounding 3.9 percent in 2021. (South Korea-Economic Growth)

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YANGON -- Myanmar's stock market closed on Wednesday with a decrease of 2.07 percent or 9.43 points, compared to the previous trading day, according to figures by the Yangon Stock Exchange (YSX).

The Myanmar Stock Price Index (MYANPIX) reached 445.69 points after closure, down from 455.12 points on Tuesday. (Myanmar-Stocks) Enditem

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