Coronavirus: Each month of lockdown in major economies to shave 2 percentage points off growth, says OECD
"Our latest estimates show the lockdown will directly affect sectors amounting to up to one-third of GDP in the major economies," OECD Secretary-General Jose Angel Gurria said in remarks to G-20 leaders on Thursday, but which were made public on Friday.
"We calculate that, for each month of containment, there will be a loss of 2 percentage points in annual GDP growth. The tourism sector alone faces a decrease in output anywhere between 50 per cent to 70 per cent in this period. Many economies will fall into recession," he added.