Keywords : recession
International Research Journal on Advanced Science Hub,
2020, Volume 2, Issue Special Issue ICAMET 10S, Pages 1-5
As countries placed tight restrictions on travel to curb the spread of the virus, the COVID-19 pandemic spread with alarming ease, infecting millions and bringing economic activity to a practical standstill. The Global Economic Prospects for June 2020 define both the immediate and short-term outlook for the effects of the pandemic and the long-term harm it has spread to growth prospects. Despite the unprecedented efforts of governments to fight the slowdown with fiscal and monetary policy support, the baseline projection envisages a 5.2 percent contraction in global GDP in 2020 using market exchange rate weights, the worst global recession in decades. The deep recessions caused by the pandemic are projected to leave lasting scars over the long view through lower investment, the depletion of human resources through a job and school losses, and the breakdown of global trade and supply links.