The coronavirus outbreak will plunge the global economy into its most severe slowdown since the financial crisis, the Organisation for Economic Co-operation and Development (OECD) said on Monday (02.03.2020), urging governments and central banks to take measures to prevent a further deterioration.
The global economy will grow just 2,4% this year, the lowest rate since 2009 and below the forecast of a 2,9% expansion issued in November, the OECD said in its most recent estimates report.
The Paris-based body projected that global activity could rebound to 3,3% in 2021, assuming the epidemic peaked in China during the first quarter of the year and other outbreaks elsewhere are contained.
In terms of its baseline scenario, the OECD said China would bear the brunt of the economic slowdown, projecting growth of just 2,9% in 2020, down from its estimate of 5,7% growth issued in November.
The world's second-largest economy may only see GDP growth pick up in 2021, to 6,4%, close to the level seen before the coronavirus outbreak brought its main industries to a standstill.
Source: Reuters
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