A new report says the spreading coronavirus could make the world economy shrink during the first three months of 2020. If confirmed, it would be the first quarterly1
drop in economic activity since the international financial crisis2
more than 10 years ago.
The Organization for Economic Cooperation and Development (OECD) released a special report on the effect of the virus Monday. The Paris-based OECD advises developed economies on policy.
The report said the world economy is still expected to grow both this year and next year. But the OECD lowered its estimate for international growth in 2020 by half a percentage point, to 2.4 percent. It said the growth rate could go as low as 1.5 percent if the virus lasts long and spreads widely.
The new coronavirus has caused more than 3,000 deaths worldwide. In addition to the "human suffering" from the virus, the report said that "economic prospects3