Coronavirus impact on global economy at a glance

Sun Online Desk

4th July, 2020 10:40:51 printer

Coronavirus impact on global economy at a glance

The coronavirus or COVID-19 pandemic has shattered lives and livelihoods of people across the globe.

The confirmed deaths caused by coronavirus cases reached 529,113 and the number of the infection across the country stands at 11,190,678 till Saturday 8:00am, according to the latest tally from the Johns Hopkins University (JHU).

The infection rates of coronavirus as well as deaths by the disease are increasing every moment across the world, but there is still no vaccine that will protect people. So, countries which are mostly being infected with coronavirus or Covid-19 are imposing lockdowns to contain the spread of the disease. Under this circumstance, the world economy has plunged into its worst downturn.

Here are the impacts of coronavirus on global economy:

1. US trade deficit widens as exports fall to lowest level since 2009.

2. Gulf economies to shrink by 7.6pc this year, according to IMF.

3. Indonesia's annual inflation falls to lowest in 20 years in June.

4. Greek economy to fall by 5.8pc in 2020.

5. UK economy shows biggest drop in 40 years in early 2020.

6. Vietnam's H1 GDP hits record low due to pandemic.

7. Australia's golden economy faces long road to virus recovery.

8. IMF's Georgieva says virus crisis could ultimately test $1.0 trillion war chest.

9. IMF predicted that the global economy could shrink 4.9pc this year.