Coronavirus ‘grim reality’: World economy to shrink by 3.2 per cent, new UN report projects
In its World Economic Situation and Prospect (WESP) report update, launched on Wednesday, the UN Department of Economic and Social Affairs (DESA) said that as of mid-2020, the gross domestic product (GDP) in developed countries will plunge to -5.0 per cent, while the output of developing countries will shrink by 0.7 per cent. “The global economic outlook has changed drastically…
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