BUSINESS Global recession not as deep as expected in 2020: OECD

BUSINESS

Global recession not as deep as expected in 2020: OECD

AFP

17:52, September 16, 2020

global economy.jpeg

A woman wearing a face mask walks near a banner showing precautions against the new coronavirus at an exhibition and convention center in Goyang, South Korea, Friday, June 12, 2020. (File photo: AP)

The global recession this year will not be as deep as expected, as a result of countries' efforts to counter the economic fallout from the coronavirus pandemic, the OECD said on Wednesday.

But the recovery next year will also be more modest than anticipated, the Organisation for Economic Co-operation and Development said, projecting a contraction of 4.5 percent in global economic output this year and a return to growth of around 5.0 percent in 2021.

In its previous set of forecasts in June, the Paris-based OECD had been expecting the global economy to shrink by 6.0 percent this year and return to growth of 5.2 percent next year.  

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