US, WASHINGTON (ORDO NEWS) — The growth of the global economy due to the spread of the new coronavirus in 2020 may decline, which is comparable in strength to the previous financial crisis, the BofA Global Research report said.
“Now we expect that COVID-19 will cause a global recession in 2020, similar in magnitude to the recession of 1982 and 2009. Our forecast for annual growth fell to 0.3%,” it said.
GDP growth in the US and the eurozone will be negative, while growth in China is expected to be only 1.5%, the report said, which also indicates that the final figures may be different.
The day before, experts at IHS Markit, a research and analysis company, reported that global GDP growth could slow down to 0.7% in 2020, and the US and the eurozone could be in recession due to economic problems from the new coronavirus. World GDP growth below 2.0% is classified as a global recession, they noted.
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