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PARIS: The international economy will contract a minimum of six per cent this year, with the extraordinary loss of income and “extraordinary uncertainty” brought on by measures to consist of the coronavirus break out, the OECD stated on Wednesday.
In the case of a 2nd wave of contagion later on in the year, financial output could shrink by as much as 7.6 percent, it alerted.
In both circumstances, recovery will be “slow and unpredictable”.
GDP growth should resume in 2021, by 5.2 percent if the infection is contained, and 2.8 per cent if there is another infection wave, the Organisation for Economic Co-operation and Development said in its most current outlook, entitled “World Economy on a Tightrope”.
It alerted that by the end of next year, “the loss of income exceeds that of any previous recession over the last 100 years outside wartime, with dire and long-lasting consequenc