The International Monetary Fund (IMF) has revised its estimate to a somewhat less severe recession than it predicted in June.

From contraction of 5.2 per cent, the latest IMF report revised its prediction saying global growth to contract to 4.4 per cent this year.

IMF Chief Economist Gita Gopinath warned that the ascent out of the COVID-19 pandemic is likely to be long, uneven and highly uncertain.