OECD: Economic Recession Will Not Be As Deep as Expected

OECD: Economic Recession Will Not Be As Deep as Expected The OECD commented that the economic recession will not be as deep as expected. The organization announced in June that the economic decline would not be drastic. According to the statement made by the Organization for Economic Cooperation and Development (OECD), although the international economic recovery slows down, the decline will not be as deep as feared this year. On the other hand, economies will receive support from governments and central banks for a while. The organization's forecast decline of 6 percent in June was corrected to 4.5 percent for this year, following the relaxation of restrictions and the start of the economic recovery. On the other hand, according to the OECD report, major revisions are also being discussed for the USA, the Eurozone and China, which is slowly recovering. When a looking on a glass half full perspective, it is stated that the current recovery is 'strong'. On the Chinese side, positive data was obtained from industrial production and retail sales this week; In the US, unemployment fell more than expected in August. Although the current recovery signals that this year will not be too harsh, it is stated that production in many countries will be lower than pre-crisis levels in 2021.