OECD chief on impact of pandemic on global economy

The COVID-19 crisis has triggered the worst global recession in nearly a century an international economic report warned Wednesday. Hundreds of millions of people have lost their jobs, and the crisis is hitting the poor and young people the hardest, worsening inequalities, Organization for Economic Cooperation and Development (OECD) said in its latest analysis of global economic data.

OECD Secretary General, Angel Gurria said "We're in the midst of a combined global, very global, perhaps, the most global health, economic and social crisis and it's simply the most severe any of us have ever witnessed. Four hundred thousand deaths already, 7 million recorded cases so far. Both numbers likely being significantly underestimated. Now, on the economic front, the 6% decline in global GDP that we foresee in 2020 is larger by far than any we have projected in the 60 years since the OECD deal was created."

The agency urged governments to tackle inequalities by investing in health care systems, global cooperation on medical supplies, vaccine and treatments and retraining people whose sectors are the hardest-hit.