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OECD predicts global economy to suffer for years

OECD predicts global economy to suffer for years

The global economy is facing a sharp slowdown amid the rapid spread of COVID-19 causing the collapse of some industries. According to Ángel Gurría, the Secretary-General of the Organisation for Economic Co-operation and Development (OECD), it will take the economic world a couple of years to recover from the coronavirus crisis. The coronavirus outbreak provoked huge economic upheaval across the world. The expert believes that the forecast for the global growth to be halved to 1.5% is too optimistic. According to Ángel Gurría, the global GDP can plummet much more than previously expected. A sharp fall in global growth will have a massive negative impact on a number of the world’s largest economies. The economic slowdown is expected to last for two consecutive quarters in 2020. Several countries are going to get either no growth or negative growth in the main industries. Currently, the uncertainty about the further spread of COVID-19 remains the major difficulty as it will be challenging for countries to establish production processes,  end unemployment, and restore hundreds of thousands of broken small and medium-sized businesses. The OECD, along with the revision of the previous growth projections, offers its own ways of dealing with the crisis. These measures include free coronavirus testing, modern equipment supplies for medical workers, long-term tax holidays for businesses, as well as payments for those employees who had to leave their working places.


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