The world economy is projected to shrink by 3.2% in 2020 — its biggest contraction since the 1930s Great Depression — due to the pandemic, according to an analysis from United Nations economists on Wednesday.
The U.N. Department of Economic and Social Affairs said GDP growth in rich nations will plunge to –5%, as developing nations' output shrinks 0.7% this year. The COVID-19 crisis will wipe out US$8.5 trillion in global economic output over the next two years, it said, erasing all the gains of the last four years.
