Pandemic to shrink world economy by 3.2%

The United Nations forecast Wednesday that the COVID-19 pandemic will shrink the world economy by 3.2 per cent this year, the sharpest contraction since the Great Depression in the 1930s. The U.N.'s mid-year report said the impact of the coronavirus crisis is expected to slash global economic output by nearly $8.5 trillion over the next two years, wiping out nearly all gains of the last four years.