OECD: GLOBAL ECONOMY ON TRACK FOR WORST RECESSION IN NEARLY A CENTURY

Jun 10, 2020

By Bob Komsic

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”It is probably the most uncertain and dramatic outlook since the creation of the OECD.”
With those words, the Secretary General of the Organization for Economic Co-operation and Development released its latest analysis of global economic data.
The international economic report warns COVID-19 has set off the worst global recession in almost a century.
In the best-case scenario, meaning if there’s no second wave, the OECD predicts a decline in economic output of 6% this year, followed by an increase of 2.8% in 2021.
Conversely, if there is a second wave later this year, the world economy could contract 7.6%.
The outlook for Canada is worse.
The OECD forecasts the economy will decline at least 8% this year, then rise 3.9% next year.
However, if and when there’s a second wave, that could result in damage to Canada’s economy to as much as 9.4%.
”With or without a second outbreak, the consequences will be severe and long-lasting,” the OECD reports.
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