Coronavirus: Global economy to witness worst downturn in decade, warns OECD

coronavirus outbreak has brought a major ecomic disruption plunging world ecomy into its most precarious position since global financial crisis, said Organisation for Ecomic Cooperation and Development (OECD). organisation urged governments and central bank to actively take measures as world ecomy is too fragile to gamble on an automatic bounce-back.

intergovernmental ecomic organisation, in its interim ecomic assessment, has cut down global GDP growth to 2.4 per cent in 2020 from an alrey weak 2.9 per cent in 2019. OECD said that world ecomy can even report negative growth in first quarter of 2020 due to factory closures, travel restrictions, and quarantines.

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'Negative spillovers'

OECD Chief Ecomist Laurence Boone, in her blog, said that high-frequency indicators such as coal demand suggest Chinese ecomy slowed sharply in first quarter of 2020. She ded that negative spillovers from China to rest of world are sizeable. 50-year-old French ecomist warned that slowdown will be sharper and more prolonged as epidemic breaks out in or parts of world.

“Increased government spending should be first directed to health sector, tackling virus outbreaks and supporting research,” suggested Boone.

OCED said that verse impact on confidence, financial markets, travel sector, and disruption to supply chains contributes to downward revisions in all G20 ecomies in 2020, especially those ecomies that are strongly connected to China, worst affected country which has reported over 2,900 death due to dely virus.

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