OECD sees the global economy contracting 7.6% this year without a vaccine – The National

OECD sees the global economy contracting 7.6% this year without a vaccine – The National

OECD sees the global economy contracting 7.6% this year without a vaccine. Global output may shrink 6% in 2020 if a Covid-19 vaccine is found, the Paris-based organisation says in its latest global economic outlook. Global economic output is forecast to plummet 7.6 per cent this year in absence of a Covid-19 vaccine to control the pandemic, and unemployment in some of the world's largest economies could more than double to about 11 per cent, according to the Organisation for Economic Cooperation and Development (OECD).. If a second wave of the coronavirus pandemic is avoided with the help of a vaccine, global output is expected to fall 6 per_cent in 2020 and unemployment in the OECD's 37-member countries will climb to 9.2 per_cent from 5.4 per_cent in 2019, the Paris-based global intergovernmental body said in its latest economic outlook.. The OECD economic forecast is more pessimistic than both the World Bank and International Monetary Fund.. The World Bank on Tuesday said it expects the global economy to shrink 5.2 per cent, slipping into the deepest recession since the Second World War.. The US economy the world's largest, is forecast to contract 8.5 per cent and 7.3 per cent, and