British Analysts Estimate the Loss of Global GDP from Coronavirus at More than 1 Trillion Dollars
OREANDA-NEWS. According to the analytical center Oxford Economics, global GDP losses from the spread of a new type of coronavirus could reach 1.1 trillion US dollars in 2020.
Such damage would mean a decrease in world GDP by 1.3 % (compared with the analytical center’s forecast for 2020). The Oxford Economics report says that the prognosis will come true if the outbreak of pneumonia becomes a global pandemic. If the borders of the epidemic will be limited only by Asia, the fall will amount 0.4 trillion dollars (0.5 %). “Our scenarios see world GDP hit as a result of declines in discretionary consumption and travel and tourism, with some knock on financial market effects and weaker investment,” the report reads.
According to Oxford Economics, this year China’s GDP growth will slow from 6 to 5.4 %.