The Organisation for Economic Co-operation and Development (OECD) estimated on Wednesday that the global economic activity would fall by 6% in 2020 if a second major coronavirus outbreak doesn't emerge before the end of the year (a "single-hit scenario"). If another wave of infections causes additional economic shutdowns in 2020, the global gross domestic product (GDP) would suffer a 7.6% contraction (a "double-hit scenario"), OECD said in its Economic Outlook report, APA reports citing Teletrader.
The global economic activity would rise by 5.2% in a single, or by 2.8% in a double-hit scenario in 2021, it was projected in the report.
The United States GDP would shrink by 7.3% to 8.5% in 2020, China's GDP is estimated to contract from 2.8% to 3.7%, while the Eurozone's economic activity would decline by 9.1% to 11.5%, depending on the scenario, the OECD also estimated.
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