About: http://data.cimple.eu/news-article/40cbe440bbcfdd760f3cd2ae0eeff12a16af13e85e76862a34c633d3

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About: http://data.cimple.eu/news-article/40cbe440bbcfdd760f3cd2ae0eeff12a16af13e85e76862a34c633d3 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	The global economy will contract at least six percent this year due to economic shutdowns to contain the coronavirus outbreak, the OECD said Wednesday, warning that recovery will be "slow and uncertain". In the case of a second wave of contagion later in the year, world economic output could shrink by as much as 7.6 percent in 2020, it said. This would be followed in 2021 by GDP growth of between 2.8 and 5.2 percent. "By the end of 2021, the loss of income exceeds that of any previous recession over the last 100 years outside wartime, with dire and long-lasting consequences for people, firms and governments," the Organisation for Economic Co-operation and Development said in its latest outlook, entitled "World Economy on a Tightrope". "Private debt levels are uncomfortably high in some countries and business failure and bankruptcy risks loom large." In a previous report in March, by when the outbreak had hit China but not yet the world's other large economies, the OECD slashed its global growth forecast by half a percentage point to 2.4 percent, which would have been the worst performance since the 2008 financial crisis. As long as there is no vaccine or treatment against the coronavirus, which has killed more than 400,000 people worldwide to date, policymakers will continue walking a tightrope, the report said. Physical distancing to prevent contagion, testing people for the virus, and tracing and isolating those infected, will be the main instruments to fight the pandemic. "But those sectors affected by border closures and those requiring close personal contact, such as tourism, travel, entertainment, restaurants and accommodation will not resume as before," it said. These steps may not even be enough to prevent a second outbreak, it warned. "Governments will need to adapt support and accompany the transition, allowing fast restructuring processes for firms. "Global cooperation to tackle the virus with a treatment and vaccine and a broader resumption of multilateral dialogue will be key for reducing doubt and unlocking economic momentum," it said. mlr/bmm
schema:headline	World economy to contract at least 6% in 2020: OECD
schema:mentions	Loom Wind power by country Great Recession Recession Ebola virus disease OECD Gross domestic product Pandemic Vaccine China Severe acute respiratory syndrome coronavirus 2 World economy Business failure Tightrope walking Insolvency Microsoft Outlook Momentum
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	77 (xsd:integer)

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