Coronavirus could tip Europe into recession, OECD warns

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Source : Independent

The coronavirus outbreak could tip much of Europe into recession and cut global growth in half this year, economists have warned.

The Organisation for Economic Co-operation and Development (OECD) said the euro area, which includes some of Europe’s biggest economies, could enter a contraction within months.

Global growth may be as low as 1.5 per cent this year, down from the 2.9 per cent previously forecast, the OECD said on Monday. 

The think tank, which represents 36 wealthy countries, said Japan could also be tipped into recession.

It warned that the Covid-19 virus presented the gravest threat to global economic growth since the financial crisis and could cause a “domino scenario” where the virus’ intense impact on China is mirrored across other advanced nations, severely hitting confidence travel, and spending.

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