OECD WARNS OF LOCKDOWN HARM

PARIS Each month major economies spend in lockdown will knock two percentage points off annual growth, the Organisation for Economic Cooperation and Development said on Friday. “Our latest estimates show the lockdown will directly affect sectors amounting to up to one third of GDP in the major economies,” OECD secretary-general Angel Gurria, shown, told G20 leaders on Thursday but which were made public Friday. “We calculate that, for each month of containment, there will be a loss of two percentage points in annual GDP growth. The tourism sector alone faces a decrease in output anywhere between 50 per cent to 70 per cent in this period. Many economies will fall into recession,” he said.