The strict lockdowns and travel restrictions imposed by countries around the world have led to a steep decline in business activity.
If there is a second wave of the coronavirus, the OECD said global growth will contract by 7.6% in 2020, and "remain well short" of its pre-crisis level by the end of next year.
"Economic impacts are dire everywhere," the OECD summarized in its Economic Outlook, published Wednesday. In its first scenario, the OECD said global growth will contract by 7.6% in 2020, and "remain well short" of its pre-crisis level by the end of next year. If there is no second wave, the OECD said the world economy will still contract by 6% in 2020, but will recover to almost pre-crisis levels by the end of 2021.
France, the United Kingdom, Spain and Italy are expected to face the sharpest economic contractions this year. These countries are among those worst-hit by the health crisis so far.
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