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Fuel demand goes up; IMF chief revises downward forecast for GDP

A recovery in fuel demand in India gathered momentum in the first half of May versus April as curbs on transport and industrial activity were partly lifted in areas that have contained the spread of coronavirus; The head of International Monetary Fund has said the global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected. Managing Director Kristalina Georgieva said the Fund was likely to revise downward its forecast for a 3% contraction in GDP in 2020, but gave no details; Uber has cut 3,000 jobs from its workforce, its second major wave of layoffs in two weeks. Coronavirus has obviously slashed demand for rides. Watch this and more news on News Blast.