clearn.png
Sunday September 20th, 2020 4:05AM

Report finds global economic outlook not as bad as expected

By The Associated Press
Related Articles
  Contact Editor

PARIS (AP) — The global economy is not doing as bad as previously expected, especially in the United States and China, but has still suffered an unprecedented drop due to the coronavirus pandemic, an international watchdog said Wednesday.

The Organization for Economic Cooperation and Development said in a report that the world's gross domestic product is projected to decline by 4.5% this year - less than the 6% plunge it had predicted in June.

The global economy is expected to rebound and grow by 5% next year, the organization said.

Yet the OECD notes that its outlook is “subject to considerable uncertainty" as the pandemic continues, and assumes that “sporadic local outbreaks will continue” and a vaccine will not be available until late in 2021.

The OECD upgraded its forecast for the U.S. economy, anticipating a contraction of 3.8% this year instead of a plunge of 7.3% forecast previously.

China is expected to be the only country in the group of 20 most powerful economies to grow this year - by 1.8%, instead of a drop of 2.6% previously projected.

The OECD cut its forecasts for India, Mexico and South Africa.

The Paris-based organization, which advises developed countries on economic policy, urged governments not to raise taxes or cut spending next year “to preserve confidence and limit uncertainty." Fiscal and monetary support for the economy need to be maintained, it said.

“Everything needs to be done to strengthen confidence,” OECD Chief Economist Laurence Boone told a news conference. "That is really, really key to the recovery and to make it faster and larger.”

Governments will especially need to keep helping people to find jobs and support investment, she said. “So the first message we want to send is do not repeat the mistakes of the past, do not withdraw the fiscal support too early.”

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP World News, AP Business, AP Business - Economy
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: "Catastrophic flooding is unfolding" from Sally
The National Hurricane Center says Sally is still Category 2 hurricane with top winds of 100 mph as it moves about 15 miles inland from Gulf Shores, Alabama
8:13AM ( 6 minutes ago )
Report finds global economic outlook not as bad as expected
The Organization for Economic Cooperation and Development says that the world’s global economy is not doing as bad as previously expected, especially in the United States and China, but has still suffered an unprecedented drop
8:10AM ( 9 minutes ago )
The Latest: India drug maker, Russia agree on virus doses
An Indian pharmaceutical company and Russia’s sovereign wealth fund have agreed to distribute 100 million doses of the Russia’s experimental Sputnik V vaccine in India
7:59AM ( 21 minutes ago )
Associated Press (AP)
The Latest: Cat 2 Hurricane Sally blasts ashore in Alabama
Hurricane Sally made landfall Wednesday morning near Gulf Shores, Alabama, as a Category 2 storm, pushing a surge of ocean water onto the coast and dumping torrential rain that forecasters said would cause dangerous flooding from the Florida Panhandle to Mississippi and well inland in the days ahead
7:16AM ( 1 hour ago )
Celebs join Instagram 'freeze' to protest Facebook inaction
Celebrities including Kim Kardashian West, Katy Perry and Leonardo DiCaprio are taking part in a 24-hour Instagram “freeze” on Wednesday
6:36AM ( 1 hour ago )
5 Things to Know for Today
Here are a few things to know about the day’s news from The Associated Press
6:30AM ( 1 hour ago )
AP National News
The Latest: Madrid to impose lockdowns in some areas
 The Spanish capital will introduce selective lockdowns in urban areas where the coronavirus is spreading faster
4:54AM ( 3 hours ago )
The Latest: Vietnam to resume int'l flights, but not tourism
Vietnam will resume international commercial flights connecting to several Asian destinations starting Friday
3:52AM ( 4 hours ago )
Yoshihide Suga named Japan's prime minister, succeeding Abe
Japan’s Parliament has elected Yoshihide Suga as prime minister, replacing long-serving leader Shinzo Abe with his right-hand man
3:38AM ( 4 hours ago )
AP Online National News
Israel signs pacts with 2 Arab states: A 'new' Mideast?
Israel on Tuesday signed historic diplomatic pacts with two Gulf Arab states at a White House ceremony that President Donald Trump declared would mark the “dawn of a new Middle East.”
10:33PM ( 9 hours ago )
Trump denies downplaying virus, despite Woodward recording
President Donald Trump is denying that he had played down the threat of the coronavirus earlier this year, although there is an audio recording of him stating he did just that
8:53PM ( 11 hours ago )
Police leaders pressed Rochester to keep Prude video secret
Newly released emails show Rochester police commanders urged city officials to hold off on publicly releasing body camera footage of Daniel Prude’s suffocation death because they feared violent blowback if the video came out during nationwide protests over the police killing of George Floyd
8:38PM ( 11 hours ago )
Top General short headlines
Seoul: N. Korea may conduct underwater-launched missile test
A South Korean military official says North Korea may soon conduct its first underwater-launched ballistic missile test in about a year amid long-stalled nuclear talks with the United States
6:28AM ( 1 hour ago )
DP World, Israeli firm to bid for Haifa port privatization
Dubai-based port operator DP World says it will partner with an Israeli firm in a bid to take over the country’s Haifa port, the largest shipping hub for the nation
6:11AM ( 2 hours ago )
Japan's Hitachi pulls out of UK nuclear project
Work on a major new nuclear power station in Britain will stop after Japanese company Hitachi pulled out of the project
6:05AM ( 2 hours ago )
AP Business
Pelosi: House to stay in session until COVID-19 rescue pact
Speaker Nancy Pelosi says the House will remain in session until lawmakers deliver another round of COVID-19 relief
4:23PM ( 15 hours ago )
Stocks give up part of an early gain but still end higher
Stocks gave up part of their gains from earlier in the day but still closed higher on Wall Street Tuesday
4:09PM ( 16 hours ago )
The Latest: Fauci: Vermont's virus efforts model for nation
Dr. Anthony Fauci calls Vermont’s ongoing efforts to control the coronavirus a model for the nation
3:25PM ( 16 hours ago )
AP Business - Economy
The Latest: "Catastrophic flooding is unfolding" from Sally
The National Hurricane Center says Sally is still Category 2 hurricane with top winds of 100 mph as it moves about 15 miles inland from Gulf Shores, Alabama
8:13AM ( 6 minutes ago )
The Latest: India drug maker, Russia agree on virus doses
An Indian pharmaceutical company and Russia’s sovereign wealth fund have agreed to distribute 100 million doses of the Russia’s experimental Sputnik V vaccine in India
7:59AM ( 21 minutes ago )
Hurricane Sally blasts ashore in Alabama with punishing rain
Hurricane Sally finally blasted ashore near Gulf Shores, Alabama, as a Category 2 storm, with top winds of 105 mph
7:57AM ( 22 minutes ago )
Global economic outlook not as bad as expected - OECD
The Organization for Economic Cooperation and Development says that the world’s global economy is not doing as bad as previously expected, especially in the United States and China, but has still suffered an unprecedented drop
7:48AM ( 31 minutes ago )
Just monkeying around: Primate takes phone, then selfies
A Malaysian student whose cellphone was stolen has tracked down the culprit: a monkey who took photo and video selfies with the device before abandoning it
7:42AM ( 38 minutes ago )