Special: Global recession may not be that bad

SourceKhaleej Times
SectorEconomy
CountryMiddle east

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 OECD said on Wednesday. The Organisation for Economic Cooperation and Development said the world economy is on course to contract 4.5 per cent this year.Provided the virus is kept from spreading out of control, the global economy will bounce back into growth next year by expanding five per cent, trimmed from a June forecast of 5.2 per cent, the Paris-based policy organisation said. However, a stronger resurgence of the virus or more strict measures to contain it could chop two to three percentage points from the 2021 outlook, the OECD warned. In its ...read more...