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London (CNN Business)The huge shock to many of the world's biggest economies from the coronavirus pandemic may not be quite as bad as economists feared just a few months ago.
In a report published on Wednesday, the Organization for Economic Cooperation and Development upgraded its forecast for global
economic output this year, noting that while declines were still "unprecedented in recent history," the outlook has improved slightly since June.
The Paris-based agency said it now expects the world economy
to shrink by 4.5% in 2020
before expanding by 5% in 2021. Previously, the OECD said it thought the global economy would contract by 6% this year
and grow 5.2% next year.
But the agency, which represents the world's biggest economies, warned that headline figures mask major discrepancies. While it significantly boosted its 2020 forecasts for the United States and China, and slightly raised the outlook for Europe, the OECD lowered its expectations for developing countries such as Mexico, Argentina, India, South Africa, Indonesia and Saudi Arabia.OECD economists said the downgrades reflected "the prolonged spread of the virus, high levels of poverty and informality, and stricter confinement measures for an extended period."Read MoreChina is the only G20 country for which output is projected to rise in 2020, with its economy growing 1.8%, compared to a 3.8% contraction in the United States and a 7.9% decline among the 19 countries that use the euro. Beijing reported Tuesday that retail sales were higher in August than they had been the previous year — the first time sales have increased in 2020.The OECD noted the earlier timing of the country's outbreak and its ability to swiftly bring it under control, as well as policies that paved the way for a rapid bounce back in activity, pointing to strong infrastructure investment in particular.Meanwhile, South Africa's economy could shrink by 11.5% this year, according to the OECD. Mexico and India's economies are both on track for a 10.2% contraction. That's worse than the forecasts for
developed economies with the exception of Italy, which is due to shrink 10.5% after it was hit hard by the virus.'Uncertainty remains high'The OECD cautioned that its outlook is far from set, and much depends on the trajectory of Covid-19 infections and ongoing support from policymakers. It added that the global recovery "lost some momentum over the summer months" after an initial burst of activity."A recovery is now under way following the easing of strict confinement measures and the reopening of businesses, but uncertainty remains high and confidence is still fragile," the agency said in its report.Some of its estimates are also contingent on policy assumptions that may not materialize.The OECD assumes, for example, that the United Kingdom will reach a "basic" free trade agreement for goods with the European Union. But talks could be crushed by a controversial bill introduced by Prime Minister Boris Johnson's government, which would break the terms of a previously-negotiated divorce agreement.The agency expects the UK economy to shrink by 10.1% this year, a slight improvement over its last estimate.The OECD is also counting on US lawmakers to approve another stimulus package worth up to $1.5 trillion this fall, though negotiations have reached an impasse. Reaching an agreement may be more difficult as the November election approaches.
The group's predictions for the global recovery in 2021 are slightly lower than they were in June. OECD economists made clear they see a long road ahead."In most economies, the level of output at the end of 2021 is projected to remain below that at the end of 2019, and considerably weaker than projected prior to the pandemic, highlighting the risk of long-lasting costs from the pandemic," the report said.
News Source: CNN
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10th NBA Finals dont mean s—t unless I win
LeBron James scored 16 of his game-high 38 points in the fourth quarter of the Los Angeles Lakers’ 117-107 Game 5 victory over the Denver Nuggets Saturday to secure the 10th NBA Finals appearance of his career.
But just getting to the finals again isn’t something James is hanging his hat on.
“Right now, it don’t mean s–t unless I get it done,” James told ESPN. “I got to get it done.”
He got it done against the Nuggets Saturday, adding 16 rebounds and 10 assists to his series-high 38 points to record his 27th career playoff triple-double – a feat that’s second only to Magic Johnson’s 30. The 35-year-old James averaged 27 points per game in the Western Conference finals against Denver, while recording 52 rebounds and 45 assists.
The win punched the Lakers’ first ticket to the Finals since 2010, when Kobe Bryant led Los Angeles to a seven-game victory over the Boston Celtics.
LeBron James will play in his 10th career NBA Finals.NBAE via Getty Images
James was asked to speak at center court after the confetti had fallen in front of about a dozen of team family members in the stands at AdventHealth Arena in Orlando due to coronavirus precautions.
“We’re going to enjoy it tonight, as we should, because this is not promised every year,” James said. “There’s only two teams that can advance to the Finals every year. That means pretty much 30 players that only advance every year to the Finals. We’re going to enjoy it tonight, but we understand we have bigger fish to fry.
“We understand there’s a bigger goal, but we can’t take this for granted because this doesn’t happen every year to anybody.”