Looming recession poses more global embarrassment
First coronavirus, now the OECD says Britain will top the developing world’s recession league table. Worse than Italy. Worse than Spain. Britain has already had more deaths from COVID-19 than any other European country. Now it faces the possibility of a second embarrassment: the deepest recession of any nation in the developed world. Read the full article on The Guardian
UK economy to take the world’s biggest hit from COVID-19
The UK will suffer the largest economic hit from the coronavirus pandemic among major nations this year, the Organisation for Economic Cooperation and Development (OECD) has warned. Predicting that the UK economy could contract between 11.5% and 14% in 2020, the organisation said that COVID-19 represents the biggest peacetime economic downturn in a century and the “worst health and economic crisis since WWII”. Read the full article on City A.M.
The worst peacetime recession in 100 years, says the OECD
The global economy is plunging into the worst peacetime recession in a century, according to the Organization for Economic Cooperation and Development. The Paris-based agency said Wednesday it expects the global economy to contract 6% this year before rebounding in 2021, a prediction that ranks among the gloomiest offered by multilateral financial institutions. Furthermore it warns that a second wave of coronavirus infections would lead to even more disruption and economic scarring. Read the full story on CNN Business.