• The World Bank has released the Global Economic Prospects June 2020 Report.

What is Global Economic Prospects (GEP)?

• The World Bank produces the GEP twice a year, in January and June, as part of its in-depth analysis of key global macroeconomic developments and their impact on member countries.
• The GEP provides intelligence in support of achieving development goals and is a trusted resource for member countries, stakeholders, civil organizations and researchers.

Key-highlights

• Global economic growth is forecast to edge up to 2.5% in 2020 as investment and trade gradually recover from last year’s significant weakness but downward risks persist.
• Sixty million people could be pushed into extreme poverty this year.
• Longer term, there is a risk not just of a drop in the level of output but a lowering of potential output growth.
• The severity of the current recession has been unseen in eight decades.