The world economy predicted the worst recession in 80 years




The Accounts Chamber predicted the strongest recession in the last 80 years for the world economy. This estimate is contained in the department's macroeconomic forecast for 2020-2023.





The Accounts Chamber noted that despite the active recovery, the future prospects for the global economy remain uncertain due to the completion of many stimulus programs in the second half of 2020 and an increase in the number of people infected with coronavirus in the world.

In the second quarter of 2020, most international organizations revised their forecasts for the development of the world economy for 2020-2021 downward. So, according to the estimates of the Organization for Economic Cooperation and Development (OECD), world GDP will decrease by 6 percent in 2020, according to the World Bank's forecast, it will fall by 5.2 percent, according to the International Monetary Fund (IMF), it will sag by 4.9 percent. Rating agency Fitch expects the global economy to lose 4.6 percent in 2020. “Thus, the world economy will find itself in the deepest recession over the past 80 years,” the Accounts Chamber stated.

Earlier, the World Bank, amid the coronavirus pandemic, predicted an increase in extreme poverty for the world. The number of people on the planet living in poverty will grow in 2020 for the first time in 22 years. The organization considers it extreme poverty to be a situation in which a person's daily income is less than $1.9.


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