Global economy USD5 trillion in two years

Global economy USD5 trillion

Global economy could lose USD5 trillion in two years – Bloomberg

Global economy USD5 trillion

MOSCOW  – Due to the coronavirus pandemic, the global economy could lose more than USD5 trillion in two years, which is comparable to the annual production of Japan, Vedomosti reports citing Bloomberg.

According to Wall Street banks, the world faces the deepest recession in peacetime since the 1930s.

The recession is projected to be short-lived, the agency notes, but economies will need time to catch up. Even with unprecedented levels of monetary and fiscal stimulation, the country’s GDP is unlikely to return to the pre-crisis trend until at least 2022, experts say.

In particular, JPMorgan Bank believes that the fight against a pandemic can cost the world economy no less than USD5.5 trillion, or almost 8% of GDP. Chief Economist Citigroup Inc. Katherine Mann estimates the loss at USD5 trillion.

A new type of coronavirus infection began in December 2019 in the Chinese province of Hubei, and in March the World Health Organization announced a pandemic. At the time of publication, almost 1,400 thousand patients with coronavirus were detected in the world, more than 81,500 died. In Russia, according to the operational headquarters on April 8, there were 8.672 thousand infected, 63 people died.

Earlier it was reported that the company Dow announced the allocation of USD3 million to assist in the elimination of the consequences of COVID-19. Global economy USD5 trillion

Funds go to global relief organizations, as well as to nonprofits in the Dow regions of operations. In addition, the company announced the start of the production of hand sanitizers at a plant in Stade, Germany, and will further redesign its existing facility in the United States to manufacture hand antiseptics.

Author: Anna Larionova

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