the Forecast decline in world GDP was made by the European Commission. This year, according to the report of the EC, the decline in GDP will amount to 8.7%.
World GDP world GDP excluding the EU countries will drop due to the pandemic coronavirus by 4%, but next year is expected to recover at 5%.
“the European economy in the first half came to an abrupt recession with the strongest decline since the Second world war,” adds EK.
the Euro zone Economy in 2021, the year may grow by 6.1%, and not 6.3% as previously expected.
In a may forecast, the EC predicted the decline of the region’s economy in 2020 is 7.7%.
Earlier, the international rating Agency Fitch has kept the rating of the fall in world GDP in 2020 at the level of 4.6 percent. Thus from next year the global economy will start to recover.
a world Bank report States that the pandemic COVID-19 was a powerful shock to the international community and led to a sharp decline in the economy of many countries. Under the baseline forecast, in 2020 the expected reduction of world GDP at 5.2 percent — the decline in the world economy will be most profound in a decade.
This recession will be the deepest since the Second world war, and the decline in production per capita will reach the greatest percentage of countries since 1870.