Global recession not as deep as expected in 2020: OECD

Global recession not as deep as expected in 2020: OECD

The OECD headquarters in Paris
The OECD headquarters in Paris, France.

PARIS: 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 (Sep 16).

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 per cent in global economic output this year and a return to growth of around 5.0 per cent 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 per cent this year and return to growth of 5.2 per cent next year.

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Source: AFP/nh

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