The OECD now projects a contraction of 4.5% in global economic output in 2020 and a return to growth of roughly 5% in 2021.
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 Organisation for Economic Co-operation and Development said on Wednesday, September 16.
"After the initial bounce-back in many activities following the easing of confinement measures, there are some signs from high-frequency indicators and business surveys that the pace of the global recovery has lost momentum since June, particularly in many advanced economies," the OECD said. The extent and timing of the pandemic shock differed across the major economies, but all experienced a sharp contraction in activity as necessary containment measures were implemented.Global trade collapsed, declining by over 15% in the 1st half of 2020, and labor markets were severely disrupted by reductions in working hours, job losses, and the enforced shutdown of businesses.
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