PAVEL TRUNIN: “GLOBAL ECONOMY WILL DECLINE BY AROUND 4-5% AT 2020 YEAR-END”

Pavel Trunin, Director of Center for Macro-Economics and Finance at the Gaidar Institute, commented on the UN forecast to IA REGNUM, whereby the global economic recession could constitute about 4.3% by the end of 2020 due to the coronavirus pandemic.

According to Pavel Trunin, "in 2021, the global economy will start its recovery rather fast, but only if most countries manage to cope with the pandemic."

“In 2020, the global economy faced a considerably significant decline. The end of the year is coming close, and apparently, the value of the decline will constitute about 4-5%. However, the uncertainty is still high: even this summer, it seemed that the economy started its recovery rather fast, but the second wave of the coronavirus, which is now gaining strength, is making adjustments.

On the whole, consensus forecasts indicate that next year the global economy will begin to recover rather fast, but only if most countries manage to cope with the pandemic,” the expert noted.