Global economy

    • Virus could cut up to 9.7% off global economy: ADB

      Virus could cut up to 9.7% off global economy: ADB

      The coronavirus pandemic could cut up to 9.7% off the global economy, the Asian Development Bank said Friday, doubling its previous estimate as the virus stifles trade and leaves millions jobless. The estimated impact would cost as much as $8.8 trillion based on a range of scenarios, but ADB said government interventions could help offset the losses inflicted by the crisis.

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    • UN: Pandemic to shrink world economy by 3.2%

      UN: Pandemic to shrink world economy by 3.2%

      The global economy is projected to contract by 3.2% this year, against the backdrop of the devastating coronavirus pandemic, according to a UN report released Wednesday. Marking the sharpest contraction since the great depression in 1930's, the forecast came on top of anaemic economic forecasts of 2.1% at the beginning of this year.

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    • Coronavirus impact on China economy grows

      Coronavirus impact on China economy grows

      For China the coronavirus outbreak is already having a damaging economic and business impact, affecting everything from tourism to the supply of parts to the automotive and technology industries. Stock markets have been volatile and China’s economy – which makes up one-sixth of the global economy – hammered. 

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    • Climate impacts will cost the world $7.9trn by 2050

      Climate impacts will cost the world $7.9trn by 2050

      Climate change could cost the world economy $7.9trn by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, new analysis showed Wednesday. The conclusions are part of Economist Intelligence Unit's (EIU) Climate Change Resilience Index, which measured the preparedness of the world's 82 largest economies.

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    • IMF: Global economic outlook 'precarious'

      IMF: Global economic outlook 'precarious'

      The world economy is slowing to its weakest pace since the global financial crisis, as the US-China trade war and other factors like Brexit undercut business confidence and investment, the IMF said Tuesday. It warned that the outlook is beset by risks, and hence raised the possibility of the need for emergency action in the form of “an internationally coordinated fiscal response” if economic growth were to deteriorate further.

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