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G20 Countries Will Likely Suffer a Recession This Year Due to Coronavirus, Says Moody's

AFP

Paris: The world's 20 most industrialised countries will likely suffer a recession this year because of the COVID-19 pandemic, the financial ratings agency Moody's forecast Wednesday.

It estimated that the G20's overall gross domestic product would contract by 0.5 percent, with the US economy shrinking by 2 percent and the eurozone by 2.2 percent.

China however, despite suffering an outbreak of the novel coronavirus before everyone else, could see economic activity expand by 3.3 percent, a level that is nonetheless well below average for the world's second biggest economy.