Second Covid-19 wave could see worst contraction in global economy in 100 years

11th June 2020 (Last Updated June 11th, 2020 07:24)

11 June

The Covid-19 pandemic has led to widespread unemployment and potential bankruptcies of businesses and companies across the world.

The economic downturn caused by the pandemic is considered to be one of the biggest in the past century. Developed nations are expected to feel the impact of the pandemic for a long time posting a slow economic recovery.

Stephany Griffith-Jones, an economist, shared an article on how the global economy is expected to suffer the worst recession in a century.

The article is based on a report from the Organisation for Economic Cooperation and Development (OECD).

The article notes that the global economy is expected to contract by 6% due to the pandemic and by 7.6% if there is a second wave of infections.

The report from OECD notes that this is the worst contraction in 100 years.

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