Economic impact of the coronavirus crisis is ‘dire everywhere,’ OECD says
Guests arrive at the presentation of the candidacies for the 2020 World Expo, at the OECD headquarters on November 27, 2013 in Paris, France.
Antoine Antoniol | Getty Images News | Getty Images
The coronavirus pandemic is on track to cause the worst recession outside of wartime in 100 years, the Organization for Economic Cooperation and Development warned on Wednesday.
The strict lockdowns and travel restrictions imposed by countries around the world have led to a steep decline in business activity. Global supply chains have been halted, inequality and debt levels have soared, and confidence levels have fallen.
“Economic impacts are dire everywhere,” the OECD summarized in its Economic Outlook, published Wednesday.
“The recovery will be slow and the crisis will have long-lasting effects, disproportionately affecting the most vulnerable people.”
Laurence Boone, chief economist at the OECD, told CNBC’s Julianna Tatelbaum on Wednesday that “the …continued .
[Source: CNBC News]