PARIS: 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 ...
PARIS: 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 .
But the recovery next year will also be more modest than anticipated, the Organisation for Economic Co-operation and Development said, projecting a contraction of 4.5 per cent in global economic output this year and a return to growth of around 5.0 per cent in 2021.In its previous set of forecasts in June, the Paris-based OECD had been expecting the global economy to shrink by 6.0 per cent this year and return to growth of 5.2 per cent next year.
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