Recovery hopes will be dashed by deep global recession, says OECD

The global recession caused by the coronavirus pandemic will be deeper and more lasting than generally thought, the Organisation for Economic Co-operation and Development has warned.In its Global Economic Outlook, the global economic body says that the sharp recovery that has been predicted by many forecasters will not materialise as the health crisis does lasting damage to the world economy. By the end of 2021, the world’s economy is as much as 4 per cent smaller than it is today and 10 per cent below pre-crisis projections, it says.

Source: The Times
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