COVID-19 Global Economic Impact March 2020 Update
At the global level, we believe the reduction in GDP growth in 2020 will be significant. While the rate of economic growth in 2021 will be stronger than we had previously anticipated, most of the output lost in 2020 from the effects of the pandemic will not be recaptured in future years. The severity of the losses will vary across geographic regions, but no region will be spared.
Freedonia economists worked together to provide an updated outlook for Global economic activity in 2020, 2021, 2022, 2023, & 2024, with comparisons to the predictions made in February 2020, before Covid 19 cases began spreading outside of China.
Updated annual growth rates for real Gross Domestic Product (GDP) are given for the following:
- North America
- Central & South America
- Western Europe
- Eastern Europe
- Sub-Saharan Africa
- Mideast & North Africa
Additional analysis of the economic impacts and risks are also provided.
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