Connect with us


Coronavirus: The impact on the global economy ‘will be less than expected’ in 2020



Women's face masks for sale in IndiaImage copyright

The damage to the global economy this year will be less than previously expected, but nonetheless “unprecedented”, says a leading international body.

The Organization for Economic Co-operation and Development (OECD) now forecasts a 4.5% decline in 2020, up from a 6% decline in June.

That means it does not expect the UK to have the deepest contraction of major G20 economies this year.

But the 10.1% drop would make Britain one of the hardest hit.

The 2020 review is favorable, but even so, the global economy is facing damage that the OECD describes as “unprecedented in recent history”.

The agency’s chief economist Laurence Boone said “there is no way to dress it up with sugar”.

It may be “less bad than we expected,” she said, “but it’s not a good result.”

  • Asia sees the first regional recession in 60 years
  • The pandemic pushes the US into official recession

For this year, the new forecast for Britain is a contraction that is less severe by 1.4 percentage points. In previous OECD forecasts, published in June, he gave two scenarios on how the pandemic could unfold.

For what he called the single hit scenario, the economic downturn for the UK was 11.5%, the biggest hit of any country covered by that forecast.

The new revised figures predict that some countries, including Italy, India and South Africa will experience larger contractions than those of the UK.

The report says the downturn would have been significantly greater had it not been for what he calls “the rapid and effective policy support introduced in all economies”.

Weak rebound in 2021

He says support should continue next year and governments should avoid “premature budget tightening at a time when economies are still fragile”.

Consumer spending on durable goods, including cars, has risen quite strongly, the OECD says. But it is subject to services involving social interaction or international travel.

For next year, the OECD is now forecasting a slightly weaker return for the global economy.

For Britain, the downward revision is relatively large, with growth now projected at 7.6%, leaving the economy even smaller than it was in 2019. The 2020 forecast reflects an assumption that the UK and EU will agree on a basic free trade agreement.

For the global economy, the agency’s chief economist said the loss of economic activity due to the pandemic by the end of 2021 would be equivalent to the annual gross domestic product of France and Germany.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]

Please disable the ad-blocker on this page to see the content