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The Organisation for Economic Co-operation and Development (OECD) said on Monday it expects the global GDP to contract by 4.2% in 2020, compared to 4.5% in September’s forecast, as reported by Reuters.

Additional takeaways

“OECD sees 2020 world GDP at +4.2% in 2021 (+5% in September), +3.7% in 2022.”

“OECD sees 2020 US GDP at -3.7% (-3.8% in September), +3.2% in 2021 (+4% in September), +3.5% in 2022.”

“OECD sees 2020 Chinese GDP at +1.8% (unchanged), +8% in 2021 (unchanged), +4.9% in 2022.”

“OECD sees 2020 euro area GDP at -7.5% (-7.9% in September), +3.6% in 2021 (+5.1% in September), +3.3% in 2022.”

“OECD sees 2020 Japanese GDP -5.3% (-5.8% in September), +2.3% in 2021 (+1.5% in September), 1.5% in 2022.”

“OECD sees 2020 UK GDP at -11.2% (-10.1% in September), +4.2% in 2021 (+7.6% in September), +4.1% in 2022.”

Market reaction

The market mood remains upbeat on Tuesday with the S&P 500 Futures gaining 1% on the day.