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Global recession possible, warns the Organisation for Economic Co-operation and Development

Global recession possible, warns the Organisation for Economic Co-operation and Development

With Covid-19 spreading, the Organisation for Economic Co-operation and Development has warned the countries of the world that a global recession may follow.

If the corona outbreak drags on, the world economy will shrink this quarter, for the first time since 2008-09. If the problem ends this quarter, world economic growth in 2020 will be 2.4%, against the 2.9% expected earlier. If the outbreak drags on, growth could fall to 1.5%, the OECD warns.