PARIS (AFP) – The world’s 20 most industrialised countries will likely suffer a recession this year because of the Covid-19 pandemic, the financial ratings agency Moody’s forecast on Wednesday (March 25).

It estimated that the G-20’s overall gross domestic product would contract by 0.5 per cent, with the US economy shrinking by 2 per cent and the eurozone by 2.2 per cent.

China however, despite suffering an outbreak of the novel coronavirus before everyone else, could see economic activity expand by 3.3 per cent, a level that is nonetheless well below average for the world’s second biggest economy.