OECD Projects Worst Global Recession In Almost 100 Years

Business Insider: The OECD said coronavirus has triggered the worst global recession in almost 100 years - and laid out 2 scenarios for its impact on the world economy

* The OECD said COVID-19 has "triggered the most severe recession in nearly a century."
* The organization laid out two scenarios facing the global economy: one if a second wave of COVID-19 is avoided, and one where a second wave hits the global economy.
* World economic output will fall by 7.6% this year if a second wave happens, and 6% without a second wave, it said.
* GDP in the US will fall by 8.5% this year with a second wave, and 7.3% in the absence of a second wave.

The COVID-19 pandemic has triggered the "most severe recession in nearly a century," the Organization for Economic Co-operation and Development warned on Wednesday as it released two scenarios for how the virus could develop and impact global markets.

The OECD said in Wednesday: "With little prospect of a vaccine becoming widely available this year, and faced with unprecedented uncertainty, the OECD has taken the unusual step of presenting two equally likely scenarios - one in which the virus is brought under control, and one in which a second global outbreak hits before the end of 2020."

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