2020 OECD Economic Outlook, Volume 2020 Issue 1

image of OECD Economic Outlook, Volume 2020 Issue 1

The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.

Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment of the macroeconomic situation, a series of notes on the macroeconomic and structural policy issues related to the COVID-19 outbreak and a chapter summarising developments and providing projections for each individual country.

English Also available in: German, French


The COVID-19 crisis is hitting the economy hard, with adverse consequences on activity, jobs and incomes. Lower revenues from tourism and worker remittances and collapsing export demand are adding to the impact of strict containment measures on domestic demand and activity. The large fiscal package aimed at protecting people and jobs, coupled with emergency funding from multilateral institutions, the formation of a new government which reduces political uncertainty, the fall in oil prices and the start of the Nawara gas field all support growth and reduce social costs. In the double-hit scenario, which assumes a second virus outbreak later in the year, GDP is projected to fall by 8.2% in 2020. In the more benign single-hit scenario, where a renewed outbreak is avoided, GDP would fall by 6%.

English Also available in: French



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