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The United Nations (UN) has said that the global economy may shrink by about one percent in 2020 due to the corona virus epidemic. Earlier it was estimated to grow by 2.5 percent.
An epidemic is disrupting international trade
An analysis by the United Nations Department of Economic and Social Affairs (DESA) states that the Kovid-19 epidemic is disrupting global supply chains and international trade. The closure of the national borders of about 100 countries during the last month has brought a scary stagnation in people’s movement and tourism.
Governments considering incentive package
DESA stated that, “Millions of workers in these countries are facing the prospect of losing their jobs. Governments are considering large stimulus packages to prevent their economies from going into recession. In the worst case scenario, the global economy It may decline by 0.9 per cent in 2020. ”
If this happens then there may be more harm
With this, the DESA said that even if the situation is stable, this year the global economy may register growth of up to 1.2 percent. But this will happen only when there is a slight decline in private consumption and an increase in investment, exports and government spending. The organization said that the global economy had fallen by 1.7 percent in 2009. The DESA has stated that these losses could be even greater if governments failed to help the general public with financial aid and increased consumer spending.
More than eight million people infected in the world
It is known that the entire world is traumatized by the corona virus havoc. The number of dead from this virus is increasing continuously. The US has agreed to buy ventilators, medical supplies and other essential items for personal protection from Russia to treat patients with corona virus. Due to the global epidemic, more than 40 thousand people have died in the world so far and more than eight lakh people are infected.