COVID-19 outbreak could cost global economy up to $2 trillion

The corona virus (COVID-19) outbreak could cost the global economy up to USD 2 trillion this year. The UN’s trade and development agency warning that shock from the epidemic will cause a recession in some countries and depress global annual growth to below 2.5 per cent. Apart from the tragic human consequences of the COVID-19 epidemic, the economic uncertainty it has sparked will likely cost the global economy $1 trillion in 2020.

Daily Current Affairs Quiz 2020

According to UNCTAD, the trade impact of the corona virus epidemic for India is estimated to be about USD 348 million and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade. Slowdown of manufacturing in China due to the corona virus outbreak is disrupting world trade and could result in a $50 billion decrease in exports across global value chains.