1、United Nations New York, 2020 World Economic Situation and Prospects as of mid-2020 World Economic Situation and Prospects as of mid-2020* Against the backdrop of a raging and devastating pandemic, the world economy is pro jected to shrink by 3.2 per cent in 2020. Under the baseline scenario, GDP gr
2、owth in developed countries will plunge to 5.0 per cent in 2020, while output of developing coun- tries will shrink by 0.7 per cent. The projected cumulative output losses during 2020 and 2021nearly $8.5 trillionwill wipe out nearly all output gains of the previous four years. The pandemic has unlea
3、shed a health and economic crisis unprecedented in scope and magnitude. Lockdowns and the closing of national borders enforced by governments have paralyzed economic activities across the board, laying off millions of workers worldwide. Governments across the world are rolling out fiscal stimulus me
4、asuresequivalent overall to roughly 10 per cent of the world GDP to fight the pandemic and minimize the impact of a catastrophic economic downturn. While both new infections and COVID-19-related death have slowed down in recent weeks, uncertainties persist about the future course of the pandemic and
5、 its economic and social consequences. Torn between saving lives and saving the economy, some governments are already beginning to cautiously lift restrictions with a view to jumpstart their economies. The pace and sequence of recovery from the crisis will largely depend on the efficacy of public he
6、alth and fiscal measures, containing the spread of the virus, minimizing risks of reinfection, protecting jobs and income and restoring consumer confidence. Absent quick breakthroughs in vaccine development and treatment, the post COVID-19 world will likely be vastly different. The possibility of a