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9/16, 11:30 AM (Source: TeleTrader)
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OECD sees global GDP declining 4.5% in 2020

The global economy will contract by 4.5% in 2020, the Organisation for Economic Cooperation and Development (OECD) said in its September interim economic forecast as it revised the figure up from a previously expected fall of 6%.

However, the OECD added that it sees the world gross domestic product (GDP) increasing by 5% in 2021 as it revised the figure down slightly from the previous estimate, pointing out that it can now be assumed no mass COVID-19 vaccination will be available until late 2021.

The forecast noted that most countries' GDP expectations for 2021 would remain below their 2019 levels. However, the OECD stated it revised up expectations for growth in the US, China and Europe. The organization sees the US GDP falling 3.8% in 2020 before rising 4% next year, while it expects China's economy to grow by 1.8% this year and then rise 8% in 2021. The Eurozone's economy is expected to contract by 7.9% in 2020 and the GDP is seen as increasing 5% next year.

Breaking the News / VP