Moody's: Global economy to face worst quarter of past 75 years

Moody's Ratings Agency said due to pandemic second quarter of the current fiscal will go down in history as the worst quarter for the global economy since World War 2, Report informs, citing foreign media.

Moody's expects G20 economies to contract by 4.6% in 2020 and grow by 5.2% in 2021. In its Global Macro Outlook report, Moody's said effects of lockdowns on global activity during the second quarter would be more significant than expected earlier.

Moreover, the US economy will shrink by 5.7%, Eurozone – 8.5% in 2020, while 4.5% and 6.2% are expected to grow in 2021. Moody's expects China to be the only G20 country to post growth in 2020 (1% growth in 2020, 7.1% growth in 2021).