S&P Has Changed the Forecast for the Global Economy from Growth to Decline
OREANDA-NEWS. Experts of the agency S&P Global Ratings revised their recent forecast, saying that in 2020, the global economy due to the coronavirus pandemic will not show growth but will go down by 2.4 %. Economists admitted that the impact of COVID-2019 spread on the economy turned out to be longer and stronger than previously expected.
At the end of March, S&P predicted that restrictive measures imposed because of the coronavirus pandemic would lead to a decrease in global GDP growth from the expected 3.3 % to 0.4 %.
According to S&P, the economy of Eurozone will experience more significant drop than the world average, it will decline by 7.3 % by the end of the year. The forecast for the USA looks a little better, it is minus 5.3 % of GDP.As for the next year, according to S&P, the GDP of the countries of the world will grow by 5.9 %.