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According to the analysts at Goldman Sachs, global GDP is likely to haven fallen by about 16% since January.

However, they do not rule out a V-shaped and U-shaped recovery, depending on the time frame.

Goldman Sachs said: “We expect GDP to grow … as firms and households learn to combine higher economic activity with continued virus control via a range of adjustment mechanisms including mask and glove-wearing, frequent cleanings of workplaces, lower office and retail occupancy, and improved testing and contact tracing.”