Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Coronavirus causes biggest global recession in 100 years as world economy, employment hit hard

by ASSOCIATED PRESS

PARIS Jun 10, 2020 - 1:53 pm GMT+3
A woman walks past an empty shop in Melbourne's central business district, June 3, 2020. (AFP Photo)
A woman walks past an empty shop in Melbourne's central business district, June 3, 2020. (AFP Photo)
by ASSOCIATED PRESS Jun 10, 2020 1:53 pm

The coronavirus crisis has triggered the worst global recession in nearly a century – and the pain is not over yet even if there is no second wave of infections, an international economic report warned Wednesday.
Hundreds of millions of people have lost their jobs, and the crisis is hitting the poor and young people the hardest, worsening inequalities, the Organisation for Economic Co-operation and Development (OECD) said in its latest analysis of global economic data.
"It is probably the most uncertain and dramatic outlook since the creation of the OECD,” Secretary-General Angel Gurria said. "We cannot make projections as we normally do.”


In the best-case scenario, if there is no second wave of infections, the agency forecast a global drop in economic output of 6% this year and a rise of 2.8% next year.
If the coronavirus reemerges later in the year, however, the global economy could shrink 7.6%, the OECD said.
"With or without a second outbreak, the consequences will be severe and long-lasting,” the report says.

Global stock markets dropped after the release of the report, which is more downbeat than other forecasts from the likes of the World Bank.
Gurria argued that "presenting the problem as the choice between lives and livelihoods, meaning a choice between health and the economy, is a false dilemma. If the pandemic is not brought under control, there will be no robust economic recovery.”
In case of a second wave of contagions, the OECD forecast that the average unemployment rate across the 37 developed countries that it represents would double this year to 10% and see "little recovery” in 2021. In a more optimistic scenario, the figure would be 9.2%. In poorer countries, the numbers are often higher, and informal workers are especially vulnerable.
The agency urged governments to tackle inequalities by investing in health care systems, global cooperation for medical supplies, vaccines and treatments and retraining people whose sectors have been the hardest-hit.
The virus has infected 7.2 million people worldwide and killed at least 411,000, according to official figures tallied by Johns Hopkins University. The true toll is believed to be much higher.

  • shortlink copied
  • Last Update: Jun 10, 2020 3:01 pm
    KEYWORDS
    world economy finance covid-19 pandemic recession
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Perseid meteor showers captivate stargazers across Türkiye
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021