Global economy may shrink by almost 1% in 2020: UN-DESA

The United Nations (UN)Department of Economic and Social Affairs(DESA) World Economic Forecasting Model estimates that the global economy could shrink by 1% in 2020 due to the corona virus pandemic from an earlier forecast of 2.5%. The UN has also warned if the restrictions on economic activities are extended without adequate fiscal responses, the decline could be even deeper.