A second lockdown-triggering coronavirus outbreak could batter the sputtering world economy, sending global GDP down 7.6% for the year, according to projections released Wednesday by the Organisation for Economic Cooperation and Development.
In a gloomy economic report, the agency said that even if a second COVID-19 spike is avoided, economic activity around the world still projects to drop some 6%.
The more dire scenario — a second wave with new lockdowns — could cause U.S. GDP output to slump 8.5%, according to the Paris-based organization.
“Uncertainty is clearly extreme in the current context,” Organisation for Economic Cooperation and Development Secretary-General Angel Gurría said before a ministerial meeting.
Global GDP grew by 2.3% in 2019, its lowest rate of the decade.