Coronavirus fallout and the oil-price war will push 2020 GDP into 'spitting range of a typical global recession,' Bank of America says
World gross domestic product will expand by 2.2% in 2020, the team led by global economist Ethan Harris projected Tuesday, compared to their previous estimate of 2.8% growth. The bank slashed its forecast for US growth to 1.2% from 1.6%, while eurozone expansion sank to 0.2% from 0.6%.
The updated global growth estimate sits well below the 3.5% trend and pushes the world economy"in spitting range of a typical global recession," the team wrote. The US economy will drag to nearly a complete halt in the second and third quarters before recovering near the end of the year, they added.Bank of America attributed its rapid-fire adjustment to four factors.
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