Covid economic impact worldwide. However a great deal depends on the publics reaction to the disease. Hong kongs hang seng index immediately plummeted 9 from its jan. The coronavirus recession is an economic recession happening across the world economy in 2020 due to the covid 19 pandemic.
The covid 19 pandemic has spread with alarming speed infecting millions and bringing economic activity to a near standstill as countries imposed tight restrictions on movement to halt the spread of the virus. Confirmed cases of the novel coronavirus covid 19 which first appeared in china at the end of last year now exceed 115000 as of march 10 and are likely to climb significantly higher. Covid 19 is a disease caused by a specific virus sars cov 2 and labeled in the press coronavirus or novel coronavirus.
Global stock markets experienced their worst crash since 1987 and in the first three months of 2020 the g20 economies fell 34 year on year. Although it said that the coronavirus has plunged the world into a crisis like no other it does expect global growth to rise to 58 next year if the pandemic fades in the second half of 2020. Covid 19 could affect the global economy in three main ways.
While over two thirds of the total confirmed cases are in mainland china the vast majority of new cases reported since february 25 have occurred outside the country. Investors need a way to price in risk and as of april 2020 there are simply too many unknowns surrounding covid 19 for investors to predict the economic impact leading to fear and extreme. The economic impact was immediate.
Covid economic impact. 6 peak of 7025. On march 9 2020 the price of brent oil fell to 2009 a barrel a 71 drop from its jan.
The Economic Impact Of Covid 19 Pandemic United Nations Industrial Development Organization
www.unido.or.jp