World Bank projects global economy to shrink by 5.2% in 2020
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The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects. Economic activity in advanced economies is anticipated to contract 7 per cent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted, the report released on Monday said. The US economy is projected to shrink by 6.1 per cent this year, while Euro Area could see a 9.1-per cent contraction, Xinhua news agency reported
The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects. Economic activity in advanced economies is anticipated to contract 7 per cent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted, the report released on Monday said. The US economy is projected to shrink by 6.1 per cent this year, while Euro Area could see a 9.1-per cent contraction, Xinhua news agency reported
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