I have been doing Data Analytics Studies on the Coronavirus Pandemic for 91 days and have written 146 research-based blog posts on COVID-19 in these 91 days.
The OECD released its latest Economic Outlook yesterday, revealing the projected impact that the COVID-19 pandemic will have on global GDP in 2020. When assuming there will be no second wave of infections in 2020, GDP is currently expected to be down by 6% when compared with last year. Should we encounter a ‘double-hit’ scenario (a second wave) however, this is forecast to increase to a 7.6% drop.
OECD says that the COVID-19 pandemic is a global health crisis without precedent in living memory, which has triggered the most severe economic recession in nearly a century and is causing enormous damage to people’s health, jobs and well-being.
As this Statista infographic shows, when looking at the ‘single-hit’ scenario, amongst 13 large economies, the UK is expected to be hit the hardest, with a predicted fall of 11.5%, with France second at 11.4% and Ital not too far behind at 11.3%. Overall, the Eurozone is expected to have a fall of 9.1%, more than 50% higher than the global average.
The initial epicenter of the COVID-19 pandemic, China, is expected to go far more unscathed with a decrease of just 2.6%. The US is somewhat in the middle of the pack with a 7.3% reduction.
The projected impact of -3.7% on India is also lower than the world average.
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LATEST UPDATES (at 1:00 pm UTC; June 11, 2020):
- The world has crossed 7.492 million cases
- The global death toll is over 419,600
- India has reported 288,061 cases and 8,117 deaths so far. In number of cases, India is No.6 in the world (up from No.22 on April 14). India’s Maharashtra state, with 94,041 cases, would rank No.18 if it were a country (up from No.44 on April 24)
- UAE became the 28th country to cross 40,000 cases
- 6 countries have crossed 250,000 cases (up from 0 on April 1)
- 12 countries have crossed 150,000 cases (up from 1 on April 3)
- 16 countries have crossed 100,000 cases (up from 3 on April 3)
- 23 countries have crossed 50,000 cases (up from 8 on April 3)
- 38 countries have crossed 25,000 cases (up from 11 on April 3)
- 50 countries have crossed 15,000 cases (up from 16 on April 16)
- 59 countries have crossed 10,000 cases (up from 23 on April 16)
- India became the 11th country to cross 8,000 deaths
- Indonesia became the 22nd country to cross 2,000 deaths
- 2 countries have crossed 40,000 deaths (up from 0 on April 3)
- 6 countries have crossed 25,000 deaths (up from 0 on April 3)
- 15 countries have crossed 5,000 deaths (up from 5 on April 3)
- 19 countries have crossed 2,500 deaths (up from 7 on April 3)
- 32 countries have crossed 1,000 deaths (up from 10 on April 3)
- 42 countries have crossed 500 deaths (up from 16 on April 16)