The Organisation for Economic Cooperation and Development said the global economy is undergoing the deepest recession since the Great Depression in the 1930s due to the coronavirus, or Covid-19, pandemic.
As restrictions begin to ease, the path to economic recovery remains highly uncertain and vulnerable to a second wave of infections, the Paris-based think tank said in its latest Economic Outlook, published on Wednesday.
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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.