2020 OECD Economic Outlook, Volume 2020 Issue 2

image of OECD Economic Outlook, Volume 2020 Issue 2

The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.

This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.

English Also available in: French, German


After a 5.3% decline in 2020, GDP is projected to grow by 2% in 2021 and 4.4% in 2022. The pandemic will have long-lasting negative effects on the economy. Until an effective vaccine is widely deployed in the latter half of 2021, sporadic virus outbreaks and related containment measures will weaken trade prospects and continue to hit activity in the most affected sectors, such as transport and hospitality. EU programmes will sustain investment and help to contain increases in unemployment, but the deterioration of labour market conditions and a likely surge in bankruptcies in 2021 will hamper the recovery.

English Also available in: French



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