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OECD revises global outlook

Sep 17, 2020

Paris (France), September 17: The global economy is expected to shrink by 4.5 percent this year. It's a decline that's not quite as bad as earlier predictions.
The Organisation for Economic Co-operation and Development released a new outlook this week.
It revised an earlier projection up by 1.5 percentage points, citing recovery in major economies including the United States and China.
Japan's economy is projected to shrink by 5.8 percent, a greater rate than the global average.
The US is looking at a 3.8 percent fall, while China is the only major economy that is expected to expand at the rate of 1.8 percent.
OECD Chief Economist Laurence Boone told reporters that without continued government support, bankruptcies and unemployment could take a toll on people's livelihoods for years to come.
Things are looking better for next year, with the OECD predicting a 5 percent global growth rate unless the virus makes a strong resurgence or strict lockdown measures are imposed.
Source: NHK World