World Bank says coronavirus will shrink 2020 global output 5.2%
(VOVWORLD) - The coronavirus will cause global economic output to contract 5.2% in 2020, the World Bank said Monday, warning that its latest forecasts will be revised downward if uncertainty over the pandemic and business lockdowns persists.
In its latest Global Economic Prospects report, the World Bank said that advanced economies are expected to shrink 7.0% in 2020, while emerging market economies will contract 2.5%, their first contraction since aggregate data became available in 1960.
On a per-capita GDP basis, the global contraction will be the deepest since 1945-46 when World War Two spending dried up, the WB said.