Economic Impact of COVID-19 Around The World

Economic Impact of COVID-19 Around The World

As the world grapples with the fear, the economic impact of COVID-19 is mounting - with the OECD warning the virus presents the biggest danger to the global economy since the 2008 financial crisis.. UNCTAD, the UN trade agency, warned of a slowdown of global growth to under 2% this year, effectively wiping $1 trillion off the value of the world economy.. There are now over 300,000 confirmed cases of COVID-19 globally, the new coronavirus that emerged in Wuhan, China, in December and is spreading around the world.. China is the world's second-largest economy and leading trading nation, so economic fallout from COVID-19 also threatens global growth.. The Chinese economy is likely to be hit further by reduced global demand for its products due to the effect of the outbreak on economies around the world.. Data released on 16 March showed China's factory production plunged at the sharpest pace in three decades in the first two months of the year - something which could mean an even greater economic slowdown than predicted in that poll.. "Judging by the data, the shock to China's economic activity from the coronavirus epidemic is greater than the (2008) global financial crisis," said Zhang Yi,