World Bank forecasts world economy to contract 5.2% in 2020
- 4 years ago
세계은행, 올 세계성장률 -5.2% 전망…"2차대전 후 최악 침체"
The World Bank says it expects the global economy to shrink five-point-two percent this year due to the COVID-19 pandemic.
Lee Seung-jae reports.
In January,... the World Bank forecast 2-point-5 percent growth for the global economy in 2020.
Then the COVID-19 pandemic swept the world.
On Monday,... the World Bank released its revised outlook for 2020,... forecasting the global economy to shrink 5-point-2 percent.
According to the World Bank,... the current crisis is the deepest global recession since World War Two,... and almost three times as bad as the 2009 global recession.
Also,... more advanced economies are projected to shrink by 7-percent,... due to widespread of social distancing measures,... a sharp tightening of financial conditions,... and a huge decline in exports.
This includes China,... where the COVID-19 outbreak originated.
It's projected to see a 1-percent growth this year,... the lowest growth it has registered in more than four decades.
However, the World Bank's forecast was made under the assumption that the pandemic recedes by mid-year,... and negative global spillovers ease during the second half of the year.
Meanwhile, a group of economists said on Monday,.. that the U.S. economy entered a recession in February,... ending its longest expansion on record.
They say the number of employed Americans peaked in February and fell sharply afterwards,... marking the start of the downturn.
The definition of a recession according to the economists,... is a "decline in economic activity that lasts more than a few months",... hence their February remark.
Despite its gloomy outlook for 2020,... the World Bank expressed optimism that 2021 will see the global economy bounce back,... predicting 4-point-2 percent growth.
But other analysts say there won't be a rebound unless a vaccine for COVID-19 is available before the end of the year.
Lee Seung-jae, Arirang News.
The World Bank says it expects the global economy to shrink five-point-two percent this year due to the COVID-19 pandemic.
Lee Seung-jae reports.
In January,... the World Bank forecast 2-point-5 percent growth for the global economy in 2020.
Then the COVID-19 pandemic swept the world.
On Monday,... the World Bank released its revised outlook for 2020,... forecasting the global economy to shrink 5-point-2 percent.
According to the World Bank,... the current crisis is the deepest global recession since World War Two,... and almost three times as bad as the 2009 global recession.
Also,... more advanced economies are projected to shrink by 7-percent,... due to widespread of social distancing measures,... a sharp tightening of financial conditions,... and a huge decline in exports.
This includes China,... where the COVID-19 outbreak originated.
It's projected to see a 1-percent growth this year,... the lowest growth it has registered in more than four decades.
However, the World Bank's forecast was made under the assumption that the pandemic recedes by mid-year,... and negative global spillovers ease during the second half of the year.
Meanwhile, a group of economists said on Monday,.. that the U.S. economy entered a recession in February,... ending its longest expansion on record.
They say the number of employed Americans peaked in February and fell sharply afterwards,... marking the start of the downturn.
The definition of a recession according to the economists,... is a "decline in economic activity that lasts more than a few months",... hence their February remark.
Despite its gloomy outlook for 2020,... the World Bank expressed optimism that 2021 will see the global economy bounce back,... predicting 4-point-2 percent growth.
But other analysts say there won't be a rebound unless a vaccine for COVID-19 is available before the end of the year.
Lee Seung-jae, Arirang News.