The Organisation for Economic Co-operation and Development, or OECD, has slashed the GDP growth forecasts for the world’s largest economies, due to the effects of Coronavirus, as per this Statista graphic.
Strangely, India is impacted the most, with growth expected to slow down 1.1% (from 6.2% projected in November 2019 to 5.1% now). China’s growth is projected to go down 0.8% (from 5.7% projected in November 2019 to 4.9% now).
The OECD now expects the world economy to grow by 2.4% in 2020, down from its November 2019 estimate of 2.9%. That would be the lowest level of economic expansion since the end of the financial crisis, and this is possibly the trough of the current slowdown, depending on how long the current crisis persists and how quickly China’s economy can return to normality.
This is the life all of us have to live nowadays, sadly.