OECD: The global economic outlook is highly uncertain

In its latest June Economic Projections Report, the Organization for Economic Co-operation and Development (OECD) underscored concerns over the global economic outlook in 2020, as the coronavirus pandemic has triggered the most severe economic recession in nearly a century.

It gave forecasts for a scenario where there is a single hit from the coronavirus crisis, and for a second scenario where another wave of rapid contagion erupts later in 2020, per Reuters.

Key findings

OECD sees Chinese GDP at -2.6% in 2020, -3.7% if second outbreak.

OECD sees US GDP at -7.3% in 2020, -8.5% if second outbreak.

OECD sees euro area GDP at -9.1% in 2020, -11.5 if second outbreak.

OECD sees UK GDP at -11.5% in 2020, -14% if second outbreak.

OECD sees global GDP at +5.2% in 2021, +2.8% if second outbreak erupts in 2020.

OECD sees global GDP at -6.0% in 2020, -7.6% if second coronavirus outbreak occurs.