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Perspectives

The COVID 19 pandemi:c

World economic outlook:

The Great Lockdown

iew of the Congress Center with is projected to grow by 5.8 percent in Many countries face a multi-layered crisis
Vflags from different participating 2021 as economic activity normalizes, comprising a health shock, domestic
countries. helped by policy support. economic disruptions, plummeting
external demand, capital flow reversals,
The COVID-19 pandemic is inflicting The Word Economic Forum paints and a collapse in commodity prices.
high and rising human costs worldwide. extreme uncertainty around the global Risks of a worse outcome predominate.
Protecting lives and allowing health growth forecast. According to the
care systems to cope have required respected organization, the economic The brief report released end April,
isolation, lockdowns, and widespread fallout depends on factors that interact proposes effective policies essential in
closures to slow the spread of the virus. in ways that are hard to predict, forestalling worse outcomes. Encourages
The health crisis is therefore having a including the pathway of the pandemic, countries to quickly take necessary
severe impact on economic activity. the intensity and efficacy of containment measures to reduce the contagion and
As a result of the pandemic, the global efforts, the extent of supply disruptions, protect lives, Adds that, while such
economy is projected to contract sharply the repercussions of the dramatic measure will take a short-term toll
by -3 percent in 2020, much worse than tightening in global financial market on economic activity, they should be
during the 2008–09 financial crises. In conditions, shifts in spending patterns, designed and seen as an important
a baseline scenario, which assumes that behavioral changes (such as people investment in long-term human and
the pandemic fades in the second half avoiding shopping malls and public economic health.
of 2020 and containment efforts can be transportation), confidence effects, and The immediate priority, the report
gradually unwound, the global economy volatile commodity prices. says, is to contain the fallout from the

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