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2020年世界经济形势年中报告

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2020年世界经济形势年中报告

 

 iii

 C on t en ts

 Summary ..........................................................................................................................................................................................................................

  i

 G lobal

 macroec onomic

 tr ends

 ...........................................................................................................

  1

 Global

 ov er vie w

 ............................................................................................................................................................................................................

  1

 S c enarios

 and

 r eg ional

 outlook ..............................................................................................................................................................................

  3

 P andemic

 destr o ying

 jobs ........................................................................................................................................................................................

  6

 T r ade

 in

 goods

 and

 ser vic es

 ....................................................................................................................................................................................

  6

 E c onomic

 pain

 spr eading

 thr ough

 global

 tr ade

 net w orks

 .............................................................................................................

  6

 A

 sudden

 dr op

 in

 global

 t our ism

 and

 tr a v el ..........................................................................................................................................

  7

 C ommodit y

 pr ic es

 in

 a

 fr ee

 fall ...............................................................................................................................................................................

  8

 D e v eloping

 c oun tr ies

 face

 mounting

 financial

 c onstrain ts

 ......................................................................................................................

  8

 R apid ,

 bold

 but

 uneven

 polic y

 r esponses

 .........................................................................................................................................................

  10

 T he

 w orld

 ec onomy

 aft er

 C O VID-19:

 B ack

 to

 normal

 or

 a

 ne w

 normal?

 .......................................

  12

 Online

 ec onom y

 the

 ne w

 r ealit y? .........................................................................................................................................................................

  13

 D e veloped

 ec onomies:

 fiscal

 c onsolidation

 or

 higher

 tax es? ...................................................................................................................

  13

 D e v eloping

 c oun tr ies:

 a

 debt

 crisis ,

 high

 infla tion

 or

 both?

 .....................................................................................................................

  14

 R ising

 po v er t y

 and

 inequality .................................................................................................................................................................................

  14

 Globalization

 facing

 an

 exist en tial

 crisis .............................................................................................................................................................

  15

 S tr onger

 in t er na tional

 c ooper a tion

 f or

 a v oiding

 a

 debt

 crisis ..................................................................................................................

  16

 Reg ional

 ec onomic

 outlook

 ................................................................................................................

  17

 D e veloped

 economies ...............................................................................................................................................................................................

  17

 Nor th

 America .....................................................................................................................................................................................................

  17

 Japan

 and

 developed

 A sia .............................................................................................................................................................................

  17

 E ur ope .....................................................................................................................................................................................................................

  17

 E c onomies

 in

 tr ansition

 .............................................................................................................................................................................................

  18

 D e v eloping

 c oun tr ies

 .................................................................................................................................................................................................

  18

 A fr ica ........................................................................................................................................................................................................................

  18

 E ast

 A sia

  ...............................................................................................................................................................................................................

  19

 S outh

 A sia ..............................................................................................................................................................................................................

  19

 West er n

 A sia .........................................................................................................................................................................................................

  20

 L a tin

 America

 and

 the

 C ar ibbean ...............................................................................................................................................................

  21

 Refer enc es .............................................................................................................................................

  22

 T able Figur es

  1

 Gr o wth

 of

 w or ld

 output ,

 2018–2021 ..........................................................................................................................................

  5

  1

 Wor ld

 g r oss

 pr oduc t ,

 le v el

 and

 annual

 changes ,

 2010–2021 ..........................................................................................

  1

 2

 Share

 of

 w or ld

 GDP

 under

 lockdown,

 b y

 dur a tion

 ..............................................................................................................

  2

 3

 Global

 g r o wth

 sc enarios ,

 2020–2021

  .......................................................................................................................................

  3

 4

 C on tr ibution

 of

 c ommodit y

 expor ts ,

 r emittanc es ,

 t our ism

 and

 tr a v el ,

 and

 FDI

 t o

 GDP

 (2014–2018

 a v er age)

 ........................................................................................................................................................................

  4

 5

 Tour ism ’ s

 t otal

 c on tr ibution

 t o

 GDP

 of

 SIDS

 ............................................................................................................................

  7

 6

 West

 Texas

 I n t er media t e

 (WTI)

 and

 Br en t

 F r on t

 M on th

 F utures

 ( daily

 closing

 pr ic e) ...........................................

  8

 7

 F iscal

 indica tors

 pr ior

 t o

 the

 global

 financial

 crisis

 and

 the

 C OVID -19

 crisis

 .............................................................

  9

 8

 I n t er est

 pa ymen ts

 as

 a

 shar e

 of

 go v er nmen t

 r e venue

 .......................................................................................................

  10

 9

 P ublic

 and

 publicly - guar an t eed

 ex t er nal

 debt ,

 b y

 cr edit or

 t ype

 ...................................................................................

  10

 10

 P er

 capita

 liquidity

 (br oad

 mone y),

 GD P ,

 fix ed

 investmen t

 and

 FDI

 .............................................................................

  11

 11

 Pov er t y

 pr ojec tions .............................................................................................................................................................................

  15

 2.7

 2.1

 1.9

 1.9

 2.1

 2.2

 2.6

 2.0

 2.5

 2.1

 Net

 output

 loss

 against

 former

 baseline

 (RHS) Net

 annual

 output

 gain

 (RHS)

 Former

 baseline

 ( WESP

 2020) Baseline

 ( WESP

 2020

 Update)

 - 3.6

 - 4.7

 G lobal

 macroeconomic

 tr ends

 Global

 o v er view

 ft e

 C O V ID - 19 p a n de mi c

 h a s

 p a r a l y z ed

 l a r g e

 p a r t s

 o f

 t h e

 g l o b a l

 e c o n om y , s h a r pl y

 re - s t r i c t i n g

 e c o n omi c

 a c t i v i t i e s , i nc re a s i n g

 u nc er t a i n t i e s

 a n d

 u n l e a s hi n g

 a

 re c e ss io n

 u n s ee n s i nc e

 t h e

 G re a t

 D e p re ss io n.

 G l o b a l

 g r o ss

 d om e s t i c

 p r o d u c t

 ( G D P )

 i s

 fo re c a s t

 t o

 s h r i n k b y

 3.2 p er

 c e n t

 i n

 2020, w i t h

 o n l y

 a

 g r a d u a l

 re c o v er y

 o f

 l o s t

 o u t pu t

 p r o j e c t ed

 fo r

 2021. C u m ul a t i v e l y ,

 t h e

  w o r l d

  e c o n om y

  i s

  ex p e c t ed

  t o

  l o s e

  n e a r l y

  $8.5

 t r i ll io n

  i n

  o u t pu t

  i n 2020 a n d

 2021 (F i g u re

 1 ) , n e a r l y

 w i p i n g

 o u t

 t h e

 c u m ul a t i v e

 o u t pu t

 ga i n s

 o f

 t h e

 p re v io u s fo u r

 y e a r s .

 F igur e

 1

 W orld

 g r oss

 produc t ,

 le v el

 and

 annual

 changes ,

 2010 – 2021

 90

 Trillions

 of

 constant

 2015

 US

 dollars

  6

 85

 4

 80

 2

 75

 0

 70

 -2

  65

  60

 2010

 2011

 2012

  -4

  -6

 2013

 2014

 2015

 2016

 2017

 2018

 2019

 2020

 2021

 Source:

 ...

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