Global growth is projected at -4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than...

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, en- compassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...

The Korean economy grew at an annual average rate of 3% in 2011-2018, which appears to be a downward trend and not a temporary setback. A prolonged growth accounting reveals that the Korean economy will likely grow to a low-to-mid 2% (annual average) in the 2020s when productivity is expected to...