OECD's Gurría: Global growth will be negative in the first half of 2020

Global growth will be negative in the first half of 2020 and there is little certainty about the subsequent outlook, Organisation for Economic Co-Operation and Development (OECD) Secretary-General Angel Gurría said on Thursday.

"Given the unprecedented events unfolding, it is too early to be confident in setting out new economic growth projections," Gurría added. "COVID-19 impact could result in a decline of 45% in international tourism in 2020, this could rise to 70% if the recovery is delayed until September.

Market reaction

These comments were largely ignored by the market participants. As of writing, the US Dollar Index was up 0.2% on the day at 99.77 and the Dow Jones Industrial Average was erasing 0.75% while the Nasdaq Composite was up 1%.