CNBC reports that the Organization for Economic Cooperation and Development warned that the global economy has performed better-than-expected but it is still on track for an “unprecedented” decline in output.

In its latest economic outlook, the OECD said the world economy will contract by 4.5% this year — an upward revision from an estimate made in June that pointed to a 6% fall in gross domestic product (GDP).

Going forward, the OECD expects the global economy to grow by 5% in 2021. Nonetheless, the outlook “remains exceptionally uncertain” due to the coronavirus pandemic.

“Output picked up swiftly following the easing of confinement measures and the initial re-opening of businesses, but the pace of the global recovery has lost some momentum over the summer months,” the OECD said.

China is seen growing by 1.8% in 2020 — the only country among the OECD estimates that’s expected to experience growth. By contrast, the U.S. economy is set to contract by 3.8% and the euro area by 7.9%.