Report Finds Global Economic Outlook Not as Bad as Expected

PARIS (AP) — The Organization for Economic Cooperation and Development says that the world’s global economy is not doing as bad as previously expected, especially in the United States and China, but has still suffered an unprecedented drop. In a report released on Wednesday, the organization said that the world economy is projected to shrink by 4.5% this year, less than the 6% plunge it predicted in June. The global economy is expected to rebound and grow by 5% next year. Yet the organization notes that its outlook is “subject to considerable uncertainty."

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