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What is clear is that the lockdowns in so many major economies have and will deliver a humungous slump in production, investment, employment and incomes in most economies. The OECD sums up the picture best. The impact effect of business closures could result in reductions of 15% or more in the level of output throughout the advanced economies and major emerging-market economies. In the median economy, output would decline by 25%…. “For each month of containment, there will be a loss of 2 percentage points in annual GDP growth”.
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