In their latest Economic Outlook report, the OECD predicted the impact of coronavirus on the global GDP in 2020. According to their analysis, if there is no second wave of infections worldwide, the gross domestic product will remain down by 6%.
On the other hand, if the world faces another vulnerable situation, the drop could extend to 7.6%.
The OECD further writes that COVID-19 is the biggest health challenge the world has faced in recent memory. It has also triggered the most severe economic recession in the century – and caused a catastrophic scenario for people’s health, employment, and well-being.
The Infographic below shows the projected impact on GDP from a single hit of the COVID-19. As per OECD, the United Kingdom is expected to receive the most fallout – at 11.5%, while other European regions such as Spain, France, and Italy will also see a ‘hard economical hit.’
Interestingly, China – the epicenter of the disease will remain unharmed for the most part with a decrease of just 2.6%.The novel coronavirus, titled as a pandemic by the World Health Organization (WHO) has infected more than 7.15 million people around the world. The death toll from the disease has topped 408,000 as well with the USA, Brazil, Russia, and the United Kingdom bearing its severe intensity.