Economic Buzz: OECD Expects World Economy To Contract By 4.2% This Year

Economic Buzz: OECD Expects World Economy To Contract By 4.2% This Year

Dec 01, 2020 05:12 IST capital market

Organization for Economic Cooperation and Development (OECD) said that it expects the global economy to contract 4.2% this year. That reflects an upward revision from an estimate made in September that pointed to a 4.5% fall in real GDP. Looking ahead, the group said worldwide economic growth would average 4% over the next two years. It expects real GDP growth to hit 4.2% in 2021 ? trimmed from a September forecast of 5% ? and 3.7% in 2022.

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