Global Economic Prospects
9th Jun, 2020
- 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.
- 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.