The figures in its latest outlook signify more than twice the devastation to the economy than its previous forecast released in early March, before the full extent of the crisis became apparent.
In their other scenario, where a second wave of COVID-19 is avoided, global GDP is still forecast to fall by 6% in 2020, the OECD said.In this April 2, 2020, file photo, a homeless man walks past closed stores in the Fashion District in downtown Los Angeles.
In the new outlook, GDP in the United States is expected to fall by 8.5% if a second wave hits and 7.3% even without a second wave. In Europe, GDP is forecast to fall by 11.5% if a second wave hits, and 9% even without.The outlook also highlighted the need for more resilient supply chains.In this April 30, 2020, file photo, people walk past closed shops in downtown Los Angeles.
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