Luxembourg: GDP growth 2019-2024

In the event of a global recession and in the wake of the coronavirus outbreak, forecasts indicate that the growth of Luxembourg's economy would slow by over two percent in 2020. During this time, GDP in the Grand Duchy showed a 2.8 percent growth relative to 2018. In March 2020, however, stock markets suffered heavy losses as governments worldwide tried to contain the pandemic and fears grew on the economic consequences of this virus.

GDP (volume) growth rate in Luxembourg in 2019, with forecasts for 2020 to 2024

Characteristic	Base scenario	Positive scenario	"Global recession" scenario
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Release date

March 2020

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Region

Luxembourg

Survey time period

2019 to 2024

Supplementary notes

The source used two alternatives scenarios to forecast the economic outlook from 2020 onwards. The numbers in 2019 are "0", as these scenarios do not apply to that year. The scenarios are as follows:

A scenario which concentrates itself on the multiple risks that all combined could lead to a global recession. This includes, for example, the effects felt on the financial markets due to the coronavirus outbreak. Oxford Economics estimated the likelihood of this scenario happening was at 30 percent.
A scenario in which a quick resolution to the US-China trade war could lead to a growing world economy, spearheaded by China and other emerging countries. Oxford Economics estimated the likelihood of this scenario happening was at ten percent. STATEC adds that this scenario was originally developed in November 2019, but was updated in February 2020 to include the possible effects of the coronavirus outbreak in China.

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