Jakarta, July 6 -- The economic contraction from the coronavirus pandemic in the APEC region is expected to be deeper than previously projected, according to a new report from the APEC Policy Support Unit.

The APEC region's economic growth is now forecast to decline by 3.7 percent in 2020, down from the initial forecast of a 2.7-percent contraction in April , which would bring the total output loss to a staggering US$2.9 trillion, the APEC Policy Support Unit noted in a written statement received here on Monday.

The new projection is in line with the revisions made by the International Monetary Fund (IMF) in its recently updated World Economic Outlook report.

Global growth is now projected to shrink to -4.9 percent, compared to a decli...