Global real GDP is forecast to decline by 4.2% in 2020 From OECD
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Driven by China’s growth, the global economy is expected to return to its pre epidemic level by the end of 2021, the organization for economic cooperation and development (OECD) said on Tuesday.
However, the risk of a rebound in the epidemic situation has not yet been eliminated. The OECD urges countries and regions to support their economies through monetary and fiscal policies, while continuing to implement the epidemic response to minimize economic constraints.
The report points out that “since the outbreak of the new crown epidemic, there is hope for a bright future for the first time.”. The report said that research on vaccines and so on is advancing, while the economy remains easy to recover due to employment and enterprise support measures in various countries.
The OECD forecasts that global real GDP will decline by 4.2% in 2020, but will grow by 4.2% in 2021. Compared with the last forecast in September, the 2020 forecast was increased by 0.3 percentage points, and the 2021 forecast was reduced by 0.8 percentage points. If it develops as expected, global GDP in the fourth quarter of 2021 will return to the level of the fourth quarter of 2019 before the outbreak, the organization said.
The OECD predicts that China will act as a locomotive, contributing more than a third of global economic growth in 2021. It forecasts that China’s GDP will grow by 1.8% in 2020, 8% in 2021 and 4.9% in 2022.
The group predicts that GDP in the United States will decline by 3.7% in 2020, 3.2% in 2021 and 3.5% in 2022.
Read more: OECD: the wealthiest countries face $17 trillion in government debt due to the new coronavirus OECD: the unemployment rate of young people aged 15-24 in Japan was 5.3% in 2015, the lowest among major countries in the world OECD: income tax report of OECD member countries in 2016-2017 Slowing down to 2.9% OECD: the epidemic will bring 17 trillion US dollars of government debt to rich countries OECD: the world economy is expected to shrink by at least 6% in 2020 January 2018 July 2020 OECD member countries’ unemployment rate World Bank: the United States is still the world’s largest economy, accounting for 1 / 4 of global GDP Oxford School of Economics: global GDP is expected to decline by 4.8% S & P in 2020 Global: coronavirus could cost the Asia Pacific region $211 billion weforum: the world’s top ten fastest growing cities are all in India
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