The Organisation for Economic Co-operation and Development (OECD) said in its new report on Wednesday that China's GDP will decrease by 2.6 percent in 2020 if the country avoids the second wave of COVID-19, and will see a 3.7 percent drop if the second wave comes
MOSCOW (Pakistan Point News / Sputnik - 10th June, 2020) The Organisation for Economic Co-operation and Development (OECD) said in its new report on Wednesday that China's GDP will decrease by 2.6 percent in 2020 if the country avoids the second wave of COVID-19, and will see a 3.7 percent drop if the second wave comes.
Due to "extraordinary uncertainty", the new outlook presents two possible scenarios for each country: one where the virus recedes and one "where a second wave erupts later in 2020."
"Following the steepest quarterly collapse on record in the first quarter, GDP will fall by around 3.7% in 2020 if there is a second virus outbreak later in the year and by a percentage point less if a further outbreak is avoided, before rebounding in 2021," the OECD said.
The OECD expects China's GDP to raise by 6.8 percent in 2021 in absence of the second wave and by 4.5 percent if it erupts.
According to OECD, China's GDP grew by 6.1 percent in 2019.
