20 May
The global economy is now expected to shrink by 1.9% in 2020, according to experts from GlobalData.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Western Europe and the US are still expected to bear the brunt, with Italy’s GDP forecast to contract by 10% over the year.
France’s GDP is predicted to shrink by 8.6%, the UK’s by 8.2%, Spain’s by 7.9% and Germany’s by 6.6%.
Those forecasts are slightly worse than GlobalData was forecasting a week ago.
The US’s estimate has been revised upwards, however, with the country seeing a steady decline in Covid-19 cases and deaths.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataGlobalData now predicts the US economy will shrink by 5.0% across 2020 – slightly less than the 5.3% predicted a week ago.
Latin American countries, where the numbers of Covid-19 cases are now surging, are also expecting an economic downturn. Mexico’s economy is expected to contract by 7.0% in 2020, Peru’s by 4.1% and Brazil’s by 4.0%.
China and India are among the few countries predicted to still see economic growth this year.
