Global gross domestic product is expected to drop 2.4% this year as a result of the COVID-19 crisis but rebound to 5.9% growth in 2021, according to new research from S&P Global Ratings.
Eurozone and U.S. GDP should contract 7.3% and 5.2%, respectively, in 2020 and grow a respective 5.6% and 6.2% in 2021.
The new projections for 2020 are based on the agency determining "the economic impact of COVID-19 is longer and more intense than we thought," according to the research report released Thursday.
Previously, S&P Global Ratings projected global growth of 0.4% in 2020, and contractions of 2% and 1.3%, respectively, for the eurozone and U.S.