In the second quarter of 2020, global output was more than 10 per cent lower than at the end of 2019,"an unprecedented sudden shock in modern times", the OECD said.
Global trade collapsed, declining by over 15 per cent in the first half of 2020, and labour markets were severely disrupted by reductions in working hours, job losses and the enforced shutdown of businesses. Looking at individual economies, China was expected to be the only one to expand in 2020, with projected growth of 1.8 per cent. India, on the other hand, would see its economy shrink by 10.2 per cent.
Source: News Formal (newsformal.com)
Global recovery in 2021 not as good as predicted: me
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