With unemployment rates rising to unprecedented levels around the world, it’s unfortunately logical that 2020 Gross Domestic Product forecasts have to be adjusted for COVID-19.
World Bank data predicts that overall global GDP will fall 7.7% below previous 2020 forecasts — the OECD predicts it may only be 6%. China has the smallest drop with a -4.9% decline in growth. Argentina (with -6%), Japan, and Turkey (both with -6.8%) are just above the global average. However, most countries will see deeper declines in GDP, including the United States (-7.9%), Mexico (-8.7%), the United Kingdom (-20%), and the European region as a whole (-10.1%).
The OECD states: “The COVID-19 pandemic is a global health crisis without precedent in living memory. It has triggered the most severe economic recession in nearly a century and is causing enormous damage to people’s health, jobs, and well-being.”
At the very least, we should expect to see declines in online growth as we move into Q3.