Economic activity in the most developed countries of the world will decrease by 7% this year, but gross domestic product (GDP) in developing countries will decrease by 2.5%, the WB forecasts.
The Bank points out that the countries most affected will be those where the coronavirus pandemic has been most widespread and heavily dependent on global trade, tourism, commodity exports and external financing.
“These are extremely bleak forecasts, and the crisis is likely to create lasting scars and significant global challenges,” the PB explains.
The bank forecasts that the global economy will grow by 4.1% next year. However, this forecast is unclear and a number of risks remain, including the possibility of a much longer-lasting pandemic.
In the worst-case scenario, the global economy could shrink by as much as 8% this year, but next year’s growth could be just over 1%, warns PB.
At the same time, the bank forecasts that the US economy will shrink by 9.1% this year, the eurozone economy will shrink by 9.1%, and Japan’s GDP – by 6.1%.
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