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Decline of global GDP will be 4-4.5% in 2020 - Economic Development Ministry

28 September 2020 18:11
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Decline of global GDP will be 4-4.5% in 2020 - Economic Development Ministry

MOSCOW. KAZINFORM The decline of global GDP will be 4-4.5% in 2020, the recovery will not be quick, according to the forecast of the Russian Ministry of Economic Development of the socio-economic development of Russia for 2021-2023.

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According to the forecast, persisting restrictions aimed at combating the spread of coronavirus in a significant number of countries restrain the growth of the economies of their trading partners. At the same time, even the countries that have lifted strict quarantine measures, continue to used restrictions on the activities of entire industries that play an important role for the economies of some countries - tourism, air travel, catering, leisure and entertainment), TASS reports.

In these conditions, the global GDP is expected to decline by 4.0-4.5% this year.

In addition, the new rules of «social distancing» and transferring a significant number of employees to remote work can lead to long-term structural changes in the dynamics of labor productivity and consumer behavior of the population. «At the same time, the scale of these effects cannot be accurately assessed,» the ministry added.



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