OECD Lowers Economic Outlook Amid Coronavirus Outbreak
Global GDP growth is projected to fall to 2.4% in 2020, with the potential for negative growth in 1q20, according to the OECD. Chinese economic growth is projected at 4.9% in 2020 (-0.8 percentage points from November’s outlook and down from 6.1% in 2019). The outlook released today assumes the coronavirus outbreak in China will peak in 1q20 and will be “mild and contained” elsewhere.
In the instance of a prolonged and more widely dispersed epidemic, global economic growth could fall to 1.5% this year.