Coronavirus outbreak plunging world economy into its worst downturn, says OECD

MG News | March 03, 2020 at 11:35 AM GMT+05:00

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March 03, 2020 (MLN): The outbreak of Coronavirus is plunging the global economy into its worst downturn since the global financial crisis.

The Organization for Economic Cooperation and Development (OECD) cautioned today, urging governments and central banks to fight back to avoid an even steeper slump.

By updating its outlook, the OECD said that the global economy is set to grow only 2.4% this year which would be the lowest since 2009 and down from a forecast of 2.9% in November.

Earlier, it was projected the global economy could recover to 3.3% growth in 2021, assuming the epidemic peaked in China in the first quarter of this year and other outbreaks proved mild and contained.

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