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.

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The economy is projected to contract sharply as the COVID‑19 pandemic drags down both domestic and external demand. GDP growth is expected to shrink by 10.4% in 2020 in a scenario that assumes that a second virus outbreak occurs later in the year and by 8.1% in a single-hit scenario. GDP growth will rebound as confidence and world trade pick up, boosting consumption and investment. Unemployment will rise, but despite some gradual decline, it will remain above the pre-crisis level.

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