Pedestrians and motorists wear personal protective equipment as they pass a small grocery that is one of the few businesses open on the street in New York. Global spending on the retail industry will diminish by $549 billion in 2020, according to a forecast by analytics firm GlobalData.
GlobalData also anticipates global debt to surge significantly in the first half of 2020 as a result of uncertainty in financial conditions and a lowering of central bank policy rates across the globe.
The map shows 2020 retail spend for key regions versus 2019 built up from the 49 countries covered, based on GlobalData forecasts.The analytics firm also predicts that global debt to surge substantially in the first half of 2020 from uncertain financial conditions and a reduction in central bank policy rates around the world.representing the largest month-to-month decline in US retail since the government began keeping track of the data in 1992.
Along with an increase in debt burdens on both developed and emerging markets, the level of global debt accounted for more than twice of the global gross domestic product, GlobalData found.
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