The Organization for Economic Co-operation and Development (OECD) predicts that the COVID-19 pandemic this year will lead to a global economic collapse of 7.6 percent.
In a report released on Wednesday, the organization said what was happening is the worst crisis in the health and economy since the Second World War, DW reported.
The organization calculates two scenarios: when the COVID-19 spread will be under control, and the second scenario with the possibility of the new COVID-19 wave.
With the development of the situation under control, the world economy will decrease by 6 in 2020, while in the case of the second wave, it will decrease by 7.6 percent. In 2021, economists expect a substantial recovery in economic growth.
According to OECD experts, the economies of the eurozone countries were hit hard by COVID-19: even with the best scenario, they expect a collapse of 9.1 percent, while in the case of the second wave, the economy is projected to decline by 11.5 percent. In the meantime, Spain, France, Italy, and the UK will be hit the most.