GENEVA: United Nations (UN) economists warned on Monday (Tuesday in Manila) that the raging outbreak of the deadly coronavirus disease 2019 (Covid-19) could cost the global economy between $1 and $2 trillion this year and called on governments to ramp up spending to mitigate its impact. A report from the UN Conference on Trade, Investment and Development (Unctad) concluded the Covid-19 epidemic will push some countries into recession and will significantly slow growth in the world economy as a whole. “The real question now is whether that prediction will prove optimistic,” he told reporters in Geneva, adding that in a worst-case scenario, up to $2 trillion would be lost. Deeming that central banks alone will not be able to address the crisis, Unctad called for international coordination between the world’s top economies. In that scenario, he said, “you’re talking about a $2-trillion hit to the global economy.”

Source: Manila Times March 10, 2020 17:37 UTC