Global economic GDP growth could fall to as low as 1.5% because of COVID-19 shutdowns, according to the Organization for Economic Cooperation and Development (OECD).
The group projects that the economic growth of the global economy could have been as high as 2.9% before the viral outbreak.
Based in Paris, France, the OECD is an organization that calculates the economic data representative of the world’s 36 most-advanced countries.
The OECD warns that every government must work in unison to stave off the global economic calamity COVID-19 will inflict.
The organization said that economic collapse could spread from country to country like a global domino effect and result in global stock market crashes.
The only thing more terrifying and unpredictable than the infection rate of COVID-19 is the damage the virus is inflicting on the infrastructure of global commerce.
And, how COVID-19’s impact on the global economy and life as we know it will be irrevocably changed once the infection’s spread is contained.
Investor panic over the coronavirus pandemic at one point wiped out every stock market gain that was produced throughout the entirety of the Trump administration to date.
On March 19, the New York Stock Exchange announced that it would shift to fully automated trading and close the trading floor to human traders after two NYSE employees tested positive for COVID-19.
The NYSE was shuttered during the terrorist attacks of 9/11 and Hurricane Sandy. Former SEC commissioner Dan Gallagher said that it would be, “incredibly extreme,” for the NYSE to close due to COVID-19 but didn’t rule it out.
Every industry, from travel & hospitality, tourism, retail, entertainment, sporting events, and more, is being adversely affected on a global scale.
And all within the first 3 months of 2020.