View all newsletters
Sign up to our newsletters

Support 110 years of independent journalism.

  1. Science & Tech
  2. Coronavirus
20 May 2020updated 06 Oct 2020 9:45am

Global economy to shrink 1.9 per cent in 2020, Italy to take 10 per cent hit

By Samuel Horti

The global economy is now expected to shrink by 1.9 per cent in 2020, according to experts from GlobalData.

Western Europe and the US are expected to bear the brunt, with Italy’s GDP forecast to contract by 10 per cent over the year.

France’s GDP is predicted to shrink by 8.6 per cent, the UK’s by 8.2 per cent, Spain’s by 7.9 per cent and Germany’s by 6.6 per cent.

Those forecasts are slightly worse than GlobalData was forecasting a week ago.

The US’s estimate has been revised upwards, however, with the country seeing a steady decline in Covid-19 cases and deaths. GlobalData now predicts the US economy will shrink by 5 per cent across 2020, slightly less than the 5.3 per cent predicted a week ago.

An economic downturn is also expected in Latin American countries, where the numbers of Covid-19 cases are now surging. Mexico’s economy is expected to contract by 7 per cent in 2020, Peru’s by 4.1 per cent and Brazil’s by 4 per cent.

China and India are among the few countries predicted to still see economic growth this year.

Covid-19 macroeconomic dashboard

We are using exclusive dynamic figures provided by GlobalData analysts to track key economic indicators in major world economies hit by Covid-19. Deaths from the virus are plotted alongside the indexed performance of each country’s major stock exchange and the number jobs open for applications across all major industries. Figures are tracked daily from 1 March, 2020.

Covid-19 macroeconomic dashboard

Content from our partners
Inside the UK's enduring love for chocolate
Unlocking the potential of a national asset, St Pancras International
Time for Labour to turn the tide on children’s health

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team. The best way to sign up for The Green Transition is via spotlightonpolicy.substack.com
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU