* * * The global economy underwent a deep and synchronised contraction in the second quarter of this year that was unprecedented in both speed and extent – far exceeding the declines witnessed during the global financial crisis. The ECB’s September projections for global growth excluding the euro area are for -3.7% in 2020, 6.2% in 2021 and 3.8% in 2022.
Global economic activity has begun to recover since mid-May as various measures put in place to contain the spread of the pandemic were eased. The recovery has been substantial – but it remains uneven, uncertain and incomplete.