Coronavirus to rob global economy of over $5 trillion
NEW YORK (Web Desk) – The coronavirus pandemic is set to rob the global economy of more than $5 trillion of growth over the next two years, greater than the annual output of Japan, the Bloomberg reported.
The world has plunged into its deepest peacetime recession since the 1930s. The virus has forced governments to close businesses and people to stay at home.
Although the downturn is predicted to be short-lived, it’ll take time for economies to make up the lost ground.
Even with unprecedented levels of monetary and fiscal stimulus, gross domestic product is unlikely to return to its pre-crisis trend until at least 2022.