The Organization for Economic Cooperation and Development (OECD) has revised upward the forecast for the development of the global economy for 2020-2021. The forecast is published on the organization's website.
According to the OECD, by the end of 2020, the drop in global GDP will be no more than 4.5%. In June 2020, the OECD predicted a 6% drop in global GDP for the current year.
At the end of 2021, the growth of the world economy will be 5%, according to the forecast report.
The organization notes that the decline in the global economy has slowed down due to adequate stimulus measures taken by the governments of developed countries.
The growth in global retail sales has become a significant factor in preventing a deep global economic crisis during the pandemic.
The OECD also improved its forecast for the GDP of the G20 countries: a drop of only 4.1% at the end of 2020. In China, the economy is even expected to grow at 1.8%.