The economists in United Nations have warned that the novel coronavirus could cost the world economy $1 trillion this year.
According to a report from the United Nations Conference on Tade and Development (UNCTAD), the outbreak of coronavirus would push some countries into recession and would significantly slow growth in world economy as a whole.
Director of the Division at UNCTAD Richard Kozul-Wright said, “We envisage a slowdown in the global economy to under two percent for this year, and that will probably cost in the order of $1 trillion, compared with what people were forecasting back in September.”
Commenting on the counter of these fears he said, “Governments need to spend at this point in time to prevent the kind of meltdown that could be even more damaging than the one that is likely to take place over the course of the year.”
World market has witnessed collapsed after the outbreak of the coronavirus, and another factor was the Saudi Arabia slashed the prices of oil in regards to price war with Russia.
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