The Organisation for Economic Cooperation and Development downgraded global growth outlook for next year and called for determined policy action to achieve sustainable and inclusive growth.
The world economy is projected to shrink 4.2 percent this year before rebounding 4.2 percent in 2021, the Paris-based agency said in its economic outlook, released Tuesday.
The agency upgraded its 2020 outlook from -4.5 percent but lowered the projection for next year from 5 percent. The growth is seen at 3.7 percent in 2022.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.