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Global growth will be negative in the first half of 2020 and there is little certainty about the subsequent outlook, Organisation for Economic Co-Operation and Development (OECD) Secretary-General Angel Gurría said on Thursday.

“Given the unprecedented events unfolding, it is too early to be confident in setting out new economic growth projections,” Gurría added. “COVID-19 impact could result in a decline of 45% in international tourism in 2020, this could rise to 70% if the recovery is delayed until September.

Market reaction

These comments were largely ignored by the market participants. As of writing, the US Dollar Index was up 0.2% on the day at 99.77 and the Dow Jones Industrial Average was erasing 0.75% while the Nasdaq Composite was up 1%.