The global economy is now expected to shrink by 1.9% in 2020, according to experts from GlobalData.
Western Europe and the US are still expected to bear the brunt, with Italy’s GDP forecast to contract by 10% over the year.
France’s GDP is predicted to shrink by 8.6%, the UK’s by 8.2%, Spain’s by 7.9% and Germany’s by 6.6%.
Those forecasts are slightly worse than GlobalData was forecasting a week ago.
The US’s estimate has been revised upwards, however, with the country seeing a steady decline in Covid-19 cases and deaths.
GlobalData now predicts the US economy will shrink by 5.0% across 2020, slightly less than the 5.3% predicted a week ago.
Latin American countries, where the numbers of Covid-19 cases are now surging, are also expecting an economic downturn. Mexico’s economy is expected to contract by 7.0% in 2020, Peru’s by 4.1% and Brazil’s by 4.0%.
China and India are among the few countries predicted to still see economic growth this year.
We are using exclusive dynamic figures provided by GlobalData analysts to track key economic indicators in major world economies hit by Covid-19. Deaths from the virus are plotted alongside the indexed performance of each country’s major stock exchange and the number of “active jobs” – jobs open for applications across all major industries. Figures are tracked daily from 1 March 2020.
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