OECD estimates a 6% slump in the global economy in latest forecast update

Adding that a 7.6% fall in the global economy is possible if there is a secondary wave of the coronavirus outbreak

This compares to the early March forecast here, which is long outdated considering the coronavirus developments across the globe since then.

OECD warns that governments cannot prop up businesses and wages indefinitely, and instead must support the reallocation of capital and workers following initial stimulus efforts to counteract the fallout from the coronavirus outbreak.

They also warn that the pandemic has exacerbated inequality across workers and that some working sectors are facing long-term damage with more dire consequences yet to surface from the economic crisis that is taking place at the moment.