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Corona pushes OECD to expect sharp economic contraction

Corona pushes OECD to expect sharp economic contraction

The rapid spread of Covid-19 in many countries worldwide and the closure measures adopted to reduce the speed of infection have forced the Organization for Economic Cooperation (OECD) today to point out that the major economies would experience their worst monthly decline.

OECD said earlier today that its key indicators strongly point to the significant negative shift in economic activity in major economies as the lockdowns and quarantine measures have led to a drop in indicators of economic activity in most countries.

The Organization indicated in its statement today that there is a state of uncertainty that controls the possibility of predicting how long the major global economies will suffer from the sharp slowdown due to the Corona virus, with the continued precautionary measures against the virus.

This comes against the background of the tendency of some countries to announce their strategies to get out of the current crisis and start gradually lifting the closure measures on the economy at the beginning of next May, and comes on top of those countries concerned Ukraine and Austria.

On the other hand, the number of people infected with the Covid-19 continues to increase dramatically in all countries of the world, especially the United States.

In this regard, the total number of people infected with the virus globally has increased to about 144,482 confirmed cases, while deaths toll exceeded 83,103.

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