Xinhua world economic news summary at 0830 GMT, June 25

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SUVA -- The Reserve Bank of Fiji (RBF) said on Thursday that the Fijian economy is anticipated to contract severely this year with sector performances significantly weak to date due to the implication of COVID-19.

According to a RBF statement, the Fijian central bank Governor Ariff Ali said that recent partial indicators for consumption and investment continue to point to falling aggregate demand while overall labour market conditions have worsened with continuous job losses. (Fiji-Economy)

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WASHINGTON -- The International Monetary Fund (IMF) on Wednesday revised down its forecast for the global economy amid mounting COVID-19 fallout, warning of record debt levels in both advanced and emerging markets and developing economies.

Global output is projected to decline by 4.9 percent in 2020, 1.9 percentage points below the IMF's April forecast, followed by a growth at 5.4 percent in 2021, indicating a grimmer economic outlook as the pandemic continues to ripple across the globe. (IMF-Global Economy-COVID 19)

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NEW YORK -- U.S. stocks ended sharply lower on Wednesday as investors grew concerned over increasing new coronavirus cases across the country.

The Dow Jones Industrial Average plunged 710.16 points, or 2.72 percent, to 25,445.94. The S&P 500 decreased 80.96 points, or 2.59 percent, to 3,050.33. The Nasdaq Composite Index shed 222.20 points, or 2.19 percent, to 9,909.17. (US-Stocks-Drop)

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OTTAWA -- Real gross domestic product (GDP) of Canada's natural resources sector was down 0.4 percent in the first quarter of 2020, the third consecutive quarterly decline, Statistics Canada said Wednesday.

The drop in the natural resources sector was modest, compared with the sharp decline in the economy-wide real GDP, which fell 2.1 percent, owing to far-reaching restrictions imposed to contain the spread of COVID-19. (Canada-Natural-Resources) Enditem

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