European countries are paying a high price for the economic crisis caused by Covid-19. France is also affected.
According to the new forecasts from the Organisation for Economic Co-operation and Development (OECD), published this Wednesday, Spain (-11.1%), Italy (-11.3%), the United Kingdom (-11.5%), and France (-11.4%) will see their gross domestic product (GDP) fall by more than 11% this year in the best-case scenario.
The organization considers two scenarios. The first assumes a gradual control of the pandemic. The second anticipates a second wave by the end of the year. In the second case, the GDP drop would be around 14%. Globally, the experts from the Chรขteau de la Muette suggest a GDP decline of 6% or 7.6% depending on the scenario preferred.
And global trade, which was stagnating before the crisis, will contract between 9% and 12% this year.
Whether in France and the United Kingdom (nearly 15% unemployment rate), in Spain (over 20%), or in the United States (from 10% to 15% depending on the scenario), the social impact will be harsh.
On average, in OECD countries, the public debt ratio will be almost double that observed in 2007 and could approach 140% of GDP.
