The global economic outlook is “less dire” than it was earlier this year, but recovery will be “long, uneven and uncertain”, according to Head of the International Monetary Fund (IMF), Katalina Georgieva.

Her comments follow the release of Q2 economic data in summer, with countries worldwide reporting record falls in output.

The UK’s output declined by 20.4% in Q2 compared with Q1, while in Europe, the Spanish, French and Italian economies shrank by 18.5%, 13.8% and 12.4%, respectively. Across the pond, the US economy declined at a yearly rate of 32.9%.

Despite this, Ms Georgieva said that the situation is now “somewhat better than expected”.

Her words are backed up by a forecast from the World Trade Organisation, which has improved its outlook for the global goods trade this year.

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