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Saturday, 11 Jul 2020

The outlook for a global economic recovery has worsened, with the ongoing recession expected to be deeper than predicted

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The outlook for a global economic recovery has worsened, with the ongoing recession expected to be deeper than predictedThe outlook for a global economic recovery has worsened, with the ongoing recession expected to be deeper than predicted

News24xx.com - With the ongoing recession expected to be deeper than predicted in May, the outlook for a global economic recovery has worsened or at best stayed about the same over the past month, according to a majority of economists in Reuters polls.

As we know, world stocks fell to their lowest in more than a week on Thursday, as doubts about the recovery crept in, driven by a surge in coronavirus cases in many countries.

That includes the United States, which appeared to have gained some control over the pandemic in May, leading to several states lifting restrictions.

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Along with increasing trade tensions, prospects of a second wave of the virus and the latest warning from the International Monetary Fund of a near five percent plunge in the global economy this year have raised fears the V-shaped recovery expected by financial markets is in jeopardy.

"The end of the worst quarter for Asian and global economies may be here. But, with second COVID-19 waves spreading in some countries and first-wave outbreaks not yet over in others, the economic slump has a long way to go," Prakash Sakpal, senior Asia economist at Dutch bank ING, said in a research note sent to Al Jazeera.

Reuters polls of more than 250 economists taken this month showed continuing recessions in most developed economies would be deeper than predicted last month, leaving unemployment rates well above pre-COVID levels even by the end of next year.

When asked how the global economic recovery outlook had changed over the past month, 80 percent, or 71 of nearly 90 economists, said it had worsened or at best stayed the same.

The remaining respondents said it had improved, despite global gross domestic product (GDP) forecasts for this year in the wider poll down from a month ago and roughly the same in a worst-case scenario.





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