Empty streets, shuttered shops, overflowing hospitals. The entire world is at war with an invisible enemy – the novel coronavirus. With a vaccine to protect against the disease still a distant possibility, our best weapon remains staying away from each other. But while social distancing saves lives, it drags down the global economy and threatens jobs.
The World Economic Situation and Prospects Monthly Briefing by UN DESA found that the COVID pandemic could shrink world economic output by 0.9 per cent in 2020, instead of growing 2.5 per cent, as previously projected. By comparison, the world economy contracted by 1.7 per cent during the global financial crisis in 2009.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.