London (CNN Business) The huge shock to many of the world's biggest economies from the coronavirus pandemic may not be quite as bad as economists feared just a few months ago. In a report published on Wednesday, the Organization for Economic Cooperation and Development upgraded its forecast for global economic output this year, noting that while declines were still "unprecedented in recent history," the outlook has improved slightly since June. Previously, the OECD said it thought the global economy would contract by 6% this year and grow 5.2% next year. But the agency, which represents the world's biggest economies, warned that headline figures mask major discrepancies. OECD economists said the downgrades reflected "the prolonged spread of the virus, high levels of poverty and informality, and stricter confinement measures for an extended period."

Source: The Nation September 16, 2020 09:11 UTC