The OECD expects the world economy to decline at the end of the year

The OECD expects the world economy to decline at the end of the year

The world economy is likely to fall by three percent in the fourth quarter compared to the same period last year. The Organization for Economic Co-operation and Development (OECD) announced this on Tuesday. According to the organization, the continuation of the boom was stopped mainly by the second wave of coronavirus in Western Europe and North America. Hope has brought progress in vaccine development, but the situation remains "extremely worrying," said Laurence Boone, OECD chief economist. The euro area gross domestic product (GDP) is projected to fall by 7.3 percent in the last quarter of this year. The world's largest US economy is expected to weaken by 3.2 percent. China, where the coronavirus began to spread to other parts of the world about a year ago, the OECD forecasts growth of 1.8 percent this year.