World economy

The dire economic data for the lockdown period confirms that the coronavirus pandemic has caused unprecedented and widespread damage to the global economy. We now expect the global economy to have contracted by over 9% in the first half of 2020, while growth should rebound sharply in the second half of the year, we now expect GDP to shrink by 4.5% in 2020 as a whole, much weaker than the 2.8% contraction we anticipated three months ago.