The global economy is plunging into the worst peacetime recession in a century, according to the Organization for Economic Cooperation and Development.
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The Paris-based agency said Wednesday it expects the global economy to contract 6% this year before rebounding in 2021, a prediction that ranks among the gloomiest offered by multilateral financial institutions. And it warned that a second wave of coronavirus infections would lead to even more disruption and economic scarring. The World Bank forecast earlier this week that global output would shrink 5.2% in 2020, while the International Monetary Fund estimated a 3% contraction in April.
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