“We had two subsequent negative economic growth quarters last year, with economic expansion around 0.2 % for the full year of 2019.
World economic output plummets 7.7% this year, before climbing back 2.7% in 2021.
This scenario would envision global growth reviving, albeit modestly, to 4.2% in 2021.Looking at the speed with which the crisis has overtaken the global economy may provide a clue to how deep the recession will be. Labour market conditions are projected to deteriorate With no near term prospect of a vaccine becoming available, two scenarios are equally likely. Living standards fall less sharply than with a second wave but peopleâs income still drops on average to its lowest level in five years by 2021. The forecast assumes that the pandemic recedes in such a way that domestic mitigation measures can be lifted by mid-year in advanced economies and later in developing countries, that adverse global spillovers ease during the second half of 2020, and that widespread financial crises are avoided. Co-operation and Development Policymakers must consider innovative measures to deliver income support to these workers and credit support to these businesses.Another important feature of the current landscape is the historic collapse in oil demand and oil prices. Sub-Saharan Africa regional economic outlook: Navigating uncertainty, International Monetary Fund, October 2019. Sub-Saharan Africa Economic News.
These downturns are expected to reverse years of progress toward development goals and tip tens of millions of people back into extreme poverty.Emerging market and developing economies will be buffeted by economic headwinds from multiple quarters: pressure on weak health care systems, loss of trade and tourism, dwindling remittances, subdued capital flows, and tight financial conditions amid mounting debt. ... Roodt forecast that South Africa’s economy … The unemployment rate nearly doubles worldwide to 10.2 % with little recovery in jobs next year. Low oil prices are likely to provide, at best, temporary initial support to growth once restrictions to economic activity are lifted. JOHANNESBURG-South Africa's central bank on Thursday cut its main repo rate by 0.25 percentage point to a record low of 3.5% and said it expects the economy … The World Bank was the first key institution to cut its economic growth forecast for South Africa to below 1% for 2020 due to electricity supply concerns. Even this bleak outlook is subject to great uncertainty and significant downside risks. The low-paid, low-skilled and the young have been particularly badly hit - by their exposure to the virus and by job losses.As restrictions begin to be eased, the path to economic recovery remains highly uncertain and vulnerable to a second wave of infections. RMB/BER Business Confidence Index, Bureau for Economic Research, 2019. View in article. With or without a second outbreak, the consequences will be severe and long-lasting. Over the longer term, authorities need to undertake comprehensive reform programs to improve the fundamental drivers of economic growth once the crisis lifts.Global coordination and cooperation—of the measures needed to slow the spread of the pandemic, and of the economic actions needed to alleviate the economic damage, including international support—provide the greatest chance of achieving public health goals and enabling a robust global recovery.Global data and statistics, research and publications, and topics in poverty and development
High growth momentum since 2017 has consistently placed Ghana among Africa’s 10 fastest-growing economies. East Asia and the Pacific will grow by a scant 0.5%. View in article Many countries have introduced support measures to protect jobs in the near-term in hard-hit sectors, but young workers in particular are vulnerable. Economic Growth . Learn how the World Bank Group is helping countries with COVID-19 (coronavirus).