World Economic Situation and Prospects as of mid-2020

The COVID-19 (coronavirus) pandemic has unleashed a health and economic crisis unprecedented in scope and magnitude. Lockdowns and the closing of national borders enforced by governments have paralyzed economic activities across the board, laying off millions of workers worldwide. Governments across the world are rolling out fiscal stimulus measures—equivalent overall to roughly 10 per cent of the world GDP —to fight the pandemic and minimize the impact of a catastrophic economic downturn. While both new infections and COVID-19-related death have slowed down in recent weeks, uncertainties persist about the future course of the pandemic and its economic and social consequences. Torn between saving lives and saving the economy, some governments are already beginning to cautiously lift restrictions with a view to jumpstart their economies. The pace and sequence of recovery from the crisis will largely depend on the efficacy of public health and fiscal measures, containing the spread of the virus, minimizing risks of reinfection, protecting jobs and income and restoring consumer confidence.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions