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The combined effect of the revenue reactivation and cost control reduced the Group s cash burn substantially. Cash burn has gone from a monthly average of between €55 million and €60 million in the second quarter to a monthly average of €25 million between July and September (excluding the cashout for the transaction completed with Covivio). Available liquidity stood at €485 million at the end of September.
The International Monetary Fund (IMF) released its World Economic Outlook Report at its annual meeting with the World Bank yesterday (13 Oct). It is forecast that the world economy will shrink 4.4% in 2020 (previously projected shrinking 4.9%), but lower the 2021 world economic growth forecast to 5.2% (previously expected at 5.4% in June) and warns the global economic recovery continues to face uncertainty.
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