---
title: "Premier Development & Investment, Inc. submits Q1 report, discloses important material issues."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287050717.md"
description: "The global economy contracted by 3.5% in 2020 due to COVID-19, with the US down 3.7% and the Eurozone by 6.8%. China was the only major economy to grow, at 2.3%. Job losses reached 114 million globally, and the tourism sector saw a 55% revenue drop. Despite stimulus efforts, global trade fell by 9.2%. A recovery is anticipated in 2021, with a projected growth of 4% as vaccines are rolled out."
datetime: "2026-05-20T10:32:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287050717.md)
  - [en](https://longbridge.com/en/news/287050717.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287050717.md)
---

# Premier Development & Investment, Inc. submits Q1 report, discloses important material issues.

A recent study revealed that the global economy shrunk by 3.5% in 2020 due to the COVID-19 pandemic, marking the worst contraction since World War II. The US economy decreased by 3.7% while the Eurozone faced a 6.8% decline. China, however, was the only major economy to experience growth with a 2.3% increase. The pandemic led to massive job losses, with approximately 114 million people losing their jobs worldwide. The tourism industry was hit the hardest, suffering a 55% decrease in revenue. Despite massive stimulus efforts, global trade also plummeted by 9.2% in 2020.Experts predict a slow recovery with the global economy expected to grow by 4% in 2021 as vaccines are distributed and restrictions are lifted.

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