The great lockdown recession, as termed by the IMF, tips a global recession of 3% for 2020, which will be worse than during the Global Financial Crisis (GFC), per OCBC Bank.
Key quotes
“The worst hit economies from the Covid-19 pandemic include the US at -5.9% (2021: 4.7%), Euro area at -7.5% (2021: 4.7%), Japan at -5.2% (2021: 3.0%) and UK at -6.5% (2021: 4.0%).”
“In Asia, China and India will see 2020 growth sink to just 1.2% and 1.9% respectively, before rebounding to 9.2% and 7.4% in 2021, whilst ASEAN-5 will shrink 0.6% (2021: 7.8%).”
“Global trade growth will also contract 11.0% this year, with the epicentre of the demand shock concentrated in the advanced economies as exports and imports slump 11.5% and 12.8% respectively.”
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