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Unprecedented decline: Global economy expected to contract 4.5% this year

3 days ago   |   By RT

After collapsing in the first half of 2020, global economic output is recovering following the easing of measures to contain COVID-19 and the initial re-opening of businesses. However, a sharp annual decline is still expected.
That's according to a new report published on Wednesday by the Organization for Economic Cooperation and Development. It said that the world economy will contract by 4.5 percent this year, which is an upward revision from a six percent fall estimate made in June.
“The drop in global output in 2020 is smaller than expected, though still unprecedented in recent...
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The OECD warns the world economy will collapse by 4.5% this year, in its worst slowdown since World War Two

The OECD warns the world economy will collapse by 4.5% this year, in its worst slowdown since World War Two

3 days ago   |   By Business Insider

Summary List Placement
The world economy will collapse by 4.5% this year despite a swift recovery from the COVID-19 pandemic, according to the Organization for Economic Cooperation and Development.
The OECD's latest economic outlook is less negative than expected, but the organization said 2020 will still mark the worst contraction in growth since World War Two.
China, the US, and Europe are likely to perform better than expected, while many countries are still combating the virus.
"Without continued government support, bankruptcies and unemployment could rise faster than warranted and...
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OECD projects global GDP will collapse by 4.5% this year

OECD projects global GDP will collapse by 4.5% this year

3 days ago   |   By CNBC

Going forward, the OECD expects the global economy to grow by 5% in 2021.
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