The global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession, the OECD said on Wednesday.
FILE PHOTO: A view of a nearly deserted Broad street and the New York Stock Exchange building in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar
However, the Paris-based policy forum said an equally possible scenario of a second wave of contagion this year could see the global econmy contract 7.6% before growing only 2.8% next year. With crisis responses set to shape economic and social prospects for the coming decade, she urged governments not to shy away from debt-financed spending to support low-paid workers and investment.
As the threat of a second wave of contagion keeps uncertainty high, Boone said now was no time to fan the flames of trade tensions and governments should cooperate on a treatment and vaccine for the virus.The U.S economy, the world’s biggest, is seen contracting 7.3% this year before growing 4.1% next year. In the event of a second outbreak, the U.S. recession would reach 8.5% this year and the economy would grow only 1.9% in 2021, the OECD said.
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