The global economy is now expected to shrink by 1.9% in 2020, according to experts from GlobalData.
Western Europe and the US are still expected to bear the brunt, with Italy’s GDP forecast to contract by 10% over the year.
France’s GDP is predicted to shrink by 8.6%, the UK’s by 8.2%, Spain’s by 7.9% and Germany’s by 6.6%.
Those forecasts are slightly worse than GlobalData was forecasting a week ago.
The US’ 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% across 2020 – slightly less than the 5.3% predicted a week ago.
Latin American countries, where the numbers of Covid-19 cases are now surging, are also expecting an economic downturn. Mexico’s economy is expected to contract by 7% in 2020, Peru’s by 4.1% and Brazil’s by 4%.
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 of “active jobs” – jobs open for applications across all major industries.
Figures are tracked daily from 1 March 2020.