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OECD: The world is facing the most severe economic recession in nearly a century

The Organization for Economic Co-operation and Development (OECD) said that coronavirus has triggered the worst global recession in almost 100 years and laid out two scenarios for its impact on the world economy.

The Paris-based agency said Wednesday it expects the global economy to contract 6% this year before rebounding in 2021, a prediction that ranks among the gloomiest offered by multilateral financial institutions. It warned that a second wave of coronavirus infections would lead to even more disruption and economic scarring.

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Source CNN Business