The damage to the global economy this year will be less than previously expected, but still “unprecedented”, a leading international body says.
The Organisation for Economic Cooperation and Development now predicts a decline of 4.5% in 2020, versus the 6% drop forecast in June.
It means it no longer expects the UK to have the deepest contraction of the major G20 economies this year.
But the 10.1% drop would still make Britain one of the hardest hit.
The revision for 2020 is favourable, but even so, the global economy is facing damage that the OECD describes as “unprecedented in recent history”.
The agency’s chief economist Laurence Boone said “there is no way to sugar coat it”.
It may be “less bad than we expected” she said, “but