Hard-hit global economy plunges into deep recession
Hit hard by the COVID-19 pandemic and other negative factors, the global economy was projected to contract by 4.4 percent in 2020, said a World Economic Outlook report issued by the International Monetary Fund on Oct. 13.
Amid the raging pandemic, the world has undergone the worst recession since the Great Depression in the 1930s. Currently, the global economy is facing grave challenges posed by various pandemic-induced risks, while a stable and balanced global recovery is far-flung.
In the meantime, new technologies have sprung up, including 5G, artificial intelligence as well as smart city solutions, and the rapid growth of touchless economy, such as online shopping and education as well as telemedicine, has blazed a trail for economic development.
Traders work at the New York Stock Exchange (NYSE) in New York, the United States, March 18, 2020. (Photo by Michael Nagle/Xinhua)
