The deadly Coronavirus (COVID-19 ) has not only caused health concerns, the losses went beyond that at the financial level, globally.
The leading surveys say the losses of coronavirus have a far-reaching impact on the world economy, causing concerns of ‘instability’.
The Oxford Economics estimates the losses due to coronavirus could be up to whopping USD 1 trillion.
The losses are majorly attributed to absenteeism, drop in productivity, fluctuating travel activity, reduced trade and investment, and interrupted supply.
The effect has gone far till now and the global death toll has reached 3,000, with around 80,000 infected cases recorded officially.
While Chinese factories (expected to be reopened) are still shut, the virus has already spread to South Korea and is now touching Italy’s core industry space.
Upon the outbreak concerns, Italy has reportedly halted the major chunk of its economic activity.
Korean economy is already suffering from the worst-ever consumer activity in the last five years.
While IMF estimates the COVID-19 might have a 0.1% impact on its global growth forecast, its chief economist Gita Gopinath mentions ‘“really downside, dire scenarios”.
Looking at this instances, it would be hard to predict the impact of COVID-19 on the global health and economy.
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