For the OECD, the outlook for the economy is one of great uncertainty. since the COVID-19 pandemic unleashed serious damage to people's health, employment and well-being, being one of the most serious crises of our century.
The OECD projected two scenarios: One with a second wave of infections before the end of the year, which would lead to a return to lockdowns, in which world production would plummet 7.6% this year before rising back 2.8% in 2021 and which would double to almost 10% the unemployment rate of OECD member countries, with a slight recovery in 2021.
In the second scenario, in which a new wave of infections is avoided, global economic activity would fall by 6% in 2020 and the unemployment rate in OECD countries would jump to 9.4%. To give you an idea, in December 2019 this projection was 5.4%
With or without a second wave, the consequences for the economy will be serious and will last for a long time to come, with the loss of revenue exceeding that of all previous recessions in the last 100 years, except during periods of war, with a drop in the standard of living and 5 years of lost income growth until 2021, with consequences for populations, companies and governments.
Therefore, regardless of what may happen during the rest of the year, all countries will go through difficult periods.
