Global economy may drop more than 5% in case of second pandemic wave

Global economy may drop more than 5% in case of second pandemic wave
  • Clock-gray 14:46
  • calendar-gray 09 July 2020

The global economy may decline by more than 5% if the second wave of the coronavirus pandemic occurred, Deputy Chairman of the Russian Security Council Dmitry Medvedev said in an interview with reporters of the Komsomolskaya Pravda publishing house, APA reports.

IMF revised downward its outlook for global GDP earlier, which is expected to drop by 4.9% in this year and grow by 5.4% in the next year.

"The global economy may drop by more than 5%," Medvedev said, responding to the question about developments in case of the second pandemic wave. "Our economy will also fall deeper," he noted.

"However, If the pandemic is managed to be coped with, and we expect that and proactively work for this purpose, then the recovering growth can be fairly quick," the official added. There are "actually no" other objective causes for the crisis in the global and the domestic economies, apart from the pandemic and the energy prices drop, Medvedev added.

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