The OECD released its latest Economic Outlook earlier this week, revealing the projected impact the COVID-19 pandemic will have on global GDP in 2020. When assuming there will be no second wave of infections in 2020, gross domestic product is currently expected to be down by 6 percent on last year; but, as Statista’s Martin Armstrong notes, should we encounter a ‘double-hit’ scenario however, this is forecast to increase to a 7.6 percent drop.
Adding further context, the OECD writes:
“The COVID-19 pandemic is a global health crisis without precedent in living memory. It has triggered the most severe economic recession in nearly a century and is causing enormous damage to people’s health, jobs and well-being.”
As this infographic below shows, when looking at the ‘single-hit’ scenario, no country is projected to be hit harder than the United Kingdom. There, a fall of 11.5 percent is being predicted.
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The initial epicenter, China, is expected to go far more unscathed with a decrease of just 2.6 percent.
The United States is somewhat in the middle of the pack with a 7.3 percent reduction.