GLOBAL ECONOMY OUTLOOK 2020-21

Pandemic, Recession: The Global Economy in Crisis

Global Outlook: Pandemic, Recession: The Global Economy in Crisis. The COVID-19 pandemic has, with alarming speed, delivered a
global economic shock of enormous magnitude,leading to steep recessions in many countries.The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020—the deepest global recession in eight decades, despite unprecedented policy support. Per capita incomes in the vast majority of EMDEs are expected to shrink this year. The global recession would be deeper if bringing the pandemic under control took longer than expected, or if financial stress triggered cascading defaults. The pandemic highlights the urgent need for health and economic policy action—including global cooperation—to cushion its consequences, protect vulnerable populations, and improve countries’ capacity to prevent and cope with similar events in the future. Since EMDEs are particularly vulnerable, it is critical to strengthen their public health care systems, to address the challenges posed by informality and limited safety nets, and, once the health crisis abates, to undertake reforms that enable strong and sustainable growth.

 

Real GDP growth of World as Per World bank Report

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* All the content you find here are taken from World Bank Data.

* For more information visit: https://www.worldbank.org/

*image source from World Bank Contnet

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