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 decline of around 4¼ per cent in 2020, GDP is projected to grow by around 2¼ per cent in 2021 and 4¼ per cent in 2022. Increased unemployment, and the likely rise in insolvencies after the second national lockdown, will weigh on the recovery of consumption and investment, despite government support to households and firms. From the second half of 2021, domestic and external demand will gain some strength as an effective immunisation against the virus is implemented. Unemployment will decline slowly but remain above pre-crisis levels at the end of 2022.

English Also available in: French



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