OECD: global economy is doing better than previously thought

OECD: global EU experts raise economic forecasts amid ongoing coronavirus pandemic.

The global economy is doing better than previously thought in the context of the coronavirus pandemic. However, it is still vulnerable to a new outbreak of the virus, the international economic monitoring group said.

The Paris-based Organization for economic cooperation and development, which includes 37 Western countries and their allies, predicted that the global economy would shrink by 4.5 percent this year, rather than the 6 percent forecast in June.

The OECD said the global economy would recover next year, expanding by 5 percent, but warned that this forecast is “characterized by significant uncertainty” because the pandemic has not yet been brought under control.

The OECD also predicted that the US economy would be in better shape than previously thought, shrinking by just 3.8 percent, rather than the 7.3 percent first forecast.onomiya does everything better than previously thought.