ANKARA, June 23 — The coronavirus pandemic’s impact on G20 economies will be greater than previous estimates and is projected to cause contraction of 4.6 per cent, rather than four per cent, in 2020, reported Anadolu Agency based on data from to global credit rating agency Moody’s.

The agency revised its earlier projection in a statement late yesterday night, saying the world economy had revived but had a long and difficult road ahead.

It said a complete economic recovery was likely to be a prolonged process, with the second quarter of 2020 set to be the worst for the global economy since World War II.

The agency said developed economies in the G20 would contract by 6.4 per cent this year, whereas developing economies would shrink by 1.6 per cent.

At the same time, though, Moody’s increased its 2021 growth forecast for G20 economies from 4.8 per cent to 5.2 per cent.

It said a gradual recovery was expected, starting in the second half of this year, but the process depended on the normalisation of various economies and protection of public health. — Bernama