OECD expects softer COVID-19 damage on global growth in 2020

The global economy is projected to shrink 4.5 percent in 2020 from a year before, the Organization for Economic Cooperation and Development said Wednesday, upgrading the previous forecast due to the gradual recovery from a slump caused by the coronavirus pandemic.The estimated contraction of the world’s gross domestic product was upwardly revised 1.5 points from the 6.0 percent shrinkage projected in June, assuming that “sporadic local outbreaks” will continue but be addressed by “targeted local interventions rather than national lockdowns,” the OECD said in its latest interim economic outlook…

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