The global economy is set to see a recession this year due to the severe economic shock caused by the coronavirus, or Covid-19, and the risks remain on the downside, S&P Global said Tuesday. "As the coronavirus pandemic escalates and growth heads sharply lower against a backdrop of volatile markets and growing credit stress, we now forecast a global recession this year, with 2020 GDP rising just 1.0 percent -1.5 percent," S&P's global chief economist Paul Gruenwald said.
"The risks remain firmly on the downside."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.