Global recession could be less severe, says OECD

The OECD says the global economy will shrink 5.2 per cent this year, down from its previous six per cent estimate

  
Offshore drilling oil rig for producing oil and gas in the petroleum industry. Image used for illustrative purpose.

Offshore drilling oil rig for producing oil and gas in the petroleum industry. Image used for illustrative purpose.

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The Organisation of Economic Cooperation and Development (OECD) on Wednesday said that the anticipated global recession may not be as bad as feared, owing to the efforts made by governments to stem the spread of coronavirus.

The pandemic has crushed industries and the labour market, but the gradual easing of restrictions and lockdowns have helped economies regain a little momentum.

The OECD says the global economy will shrink 5.2 per cent this year, down from its previous six per cent estimate. It would then grow 5.2 per cent in 2021 - provided the virus doesn't spiral out of control.

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