The global economy, heading for its worst year since the end of the Second World War, could “take years” to fully recover to its pre-coronavirus norms, economists warned.
The consultancy Capital Economics said in an update that it forecasts the global economy to fall by more than 3 percent in 2020, down from its previous forecast of around 3 percent growth. Such a slip would mark the worst year since 1945, when global gross domestic product (GDP) declined by 5.5 percent. “Most of the output lost in the first half of this year will probably be lost forever,” wrote Vicky Redwood, senior economic adviser at Capital Economics.
