OECD Cuts Global Economic Growth Forecast Due to COVID-19

Economics & Macro

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Yosepha Pusparisa 18/03/2020 18:24 WIB

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The spread of the COVID-19 virus has prompted the OECD to lower its projection for global economic growth. Global economic growth in 2020 is now estimated at only 2.4%.

Global Economic Growth in the Wake of COVID-19

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OECD Cuts Global Economic Growth Forecast Due to COVID-19

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Global Economic Growth in the Wake of COVID-19

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The global spread of the coronavirus (COVID-19) has caused the Organisation for Economic Co-operation and Development (OECD) to lower its projection for global economic growth. The OECD has cut its projection for economic growth this year by 0.5% to 2.4%. This represents a slowdown from 2.9% in 2019. In 2021, the world economy is projected to grow by 3.3%, after a reduction of 0.3% from the previous estimate.

The COVID-19 outbreak has created a wide range of problems, including economic disruption. Beyond China, other countries globally have experienced similar impacts. This includes disruptions to global supply chains, weakened demand and import services, and a decline in international travel and tourism businesses.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."