Coronavirus recession to be more severe than initially expected, analysts warn

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By the end of 2020, global GDP is expected to fall 2.8%, while the US and Italian economies will decline by 5.4% and 6% respectively, warns the IHS Markit group.

The possible global economic recession following the coronavirus pandemic will be much greater than that caused by the financial crisis of the years 2008-2009, analysts of the American economic information group estimate. IHS Markit.

They have thus revised down their own forecasts of world GDP growth as regional published 15 days ago. According to them, in 2020, the world economy should fall by 2.8%, while in 2009 the decline was 1.7%.

Experts of the company expect in particular a contraction of the US economy of 5.4% at the end of the current year, while the GDP of the European Union is likely to experience a decline of 4, 5%, and 6% for Italy. For Russia, analysts predict a 3.4% drop in GDP.

China will face reduced growth, estimated at 2% in 2020, experts say.IHS Markit. However, in 2021, all the countries concerned should return to growth and the world economy will jump by 3.3%, they conclude.

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