Most countries have closed all their schools, while others have close...
2020-05-25 9 ENGLISH REPORTS
COVID-19 pandemic has paralyzed large parts of the global economy, sharply restricting economic activities, increasing uncertainties and unleashing a recession unseen since the Great Depression. Global gross domestic product (GDP) is forecast to shrink by 3.2 per cent in 2020, with only a gradual recovery of lost output projected for 2021. Cumulatively, the world economy is expected to lose nearly $8.5 trillion in output in 2020 and 2021 (Figure 1), nearly wiping out the cumulative output gains of the previous four years.
Killing over 200,000 by end-April 2020. With no efective vaccine and treatment, most countries have relied on social distancing and stay-at-home measures to slow the spread of the virus. Nearly 90 per cent of the world economy came under some form of lockdown measures by mid-April (Figure 2). As many as 100 countries have closed national borders—the most severe restrictions on movements of people and goods in recorded history—disrupting supply and slashing global demand for goods and services. Te demand for oil and other commodities has fallen sharply, as transportation, air travel and manufacturing have come to a virtual standstill in many economies. While the pandemic spread rapidly in East Asia, Europe and the United States of America, shutting down economic activities, many developing countries, though not directly hit by the pandemic, are already sufering severe economic pains.
标签： ENGLISH REPORTS