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Financial News: OECD Says Path To Economic Recovery Highly Uncertain

OECD Says Path To Economic Recovery Highly Uncertain

06/10/2020 - 06:24:00 (RTTNews)

(RTTNews) - The Organisation for Economic Cooperation and Development said the coronavirus, or Covid-19, pandemic has triggered the most severe recession in nearly a century.

As restrictions begin to ease, the path to economic recovery remains highly uncertain and vulnerable to a second wave of infections, the OECD said in its latest Economic Outlook, published on Wednesday.

Global economic activity is expected to fall 6 percent in 2020 if a second wave of infections is avoided. The unemployment rate in the OECD is forecast to rise to 9.2 percent from 5.4 percent in 2019.

But global GDP will fall 7.6 percent this year in case of a second outbreak of virus triggering a return to lockdowns.

OECD Secretary-General Angel Gurría said "Uncertainty is clearly extreme in the current context, but the implications of that for macroeconomic policies are not symmetric."

"Policy-makers were right not to be too slow to introduce emergency measures, and they should now guard against being too quick to withdraw them" said Gurría.

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