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World economy
Publication year - 2020
Publication title -
economic outlook
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.1
H-Index - 8
eISSN - 1468-0319
pISSN - 0140-489X
DOI - 10.1111/1468-0319.12482
Subject(s) - economics , shock (circulatory) , pandemic , covid-19 , gross domestic product , world economy , coronavirus , real gross domestic product , economy , outbreak , development economics , monetary economics , macroeconomics , political science , medicine , disease , pathology , infectious disease (medical specialty) , law , virology
With much of the global economy now in some form of lockdown due to the coronavirus pandemic, we expect world GDP to contract by about 7% in H1 2020. Activity is expected to rebound sharply in H2, but even so the severity of the shock is likely to lead to a permanent GDP loss for the global economy. Over 2020 as a whole, we now expect GDP to shrink by 2.8%, compared to our forecast for a 2.5% rise three months ago, before the coronavirus outbreak became widespread.