OECD Economic Outlook

Economy

In the OECD’s Economic Outlook released on 10 June two equally likely scenarios for global economic growth are outlined, both of which project a sharp economic contraction due to the coronavirus in 2020, followed by gradual recovery in 2021.

Under one scenario, the pandemic “continues to recede and remains under control”, with global GDP dropping by -6.0% this year before rebounding to 5.2% in 2021. By contrast, in the other scenario, a secondary less intensive wave of the coronavirus emerges later this year, with global GDP growth plunging to -7.6%, then rising to 2.8% in 2021.