Coronavirus lockdown brought global economy to grinding halt with pandemic virus taking toll to 120K and infected 2 mn
Lockdown of EU German France Italy Spain UK well support by NHS government and in Asian countries Japan South Korea Singapore Sri Lanka India .Pacific islanders nation New Zealand and continent nation Australia bring slow down due to Covid pandemic.
African nations South Africa Nigeria Kenya Uganda economies did suffer in this health catastrophe.
With global slow down GDP may fall below due to China export too has depleted. Brand China gets it beating the loss to global block chain to shrink. As per UN reports Global development was projected 2 to 2.5 percent but Coronavirus lockdown could bring tank to 0.5 to one percent global growth. The WTI crude oil falls to below $20, to lowest in eighteen years is another parameters of demand is on decline hence global industry under lockdown influence.
Global trade to shrink to below minus with US China trade shrinks at low of 25% with Coronavirus lockdown down and China deficit in its brand may get severely hit with South Korea Japan may win trade opportunity in future trends.
China’s foreign trade fell again in March even as businesses returned to work after the coronavirus outbreak, with the global pandemic weighing on the manufacturing powerhouse’s outlook. Exports fell 6.6 percent in March from a year earlier and imports dropped 0.9 percent, according to Customs data released on Tuesday.
The contraction was less than a Bloomberg economist forecast that predicted a 10 percent or more decline in both figures, and well below the 17.2 plunge in exports seen in the first two months of the year. However, analysts warned that a broader recovery would be hamstrung for as long as the viral pandemic ravaged China’s trading partners.
China’s trade surplus with the United States, a key point of contention in the bruising trade war between the world’s top two economies narrowed again in March by 25.3 percent on-year to 15.3 billion USD.
The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by 3% this year, and the crisis could get worse, the International Monetary Fund (IMF) said Tuesday.
The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook.
If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8%, according to the IMF.
But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation.
With much of the global economy shutdown amid efforts to contain the virus and keep health systems from collapsing, the
IMF warned that there are “severe risks of a worse outcome” due to the “extreme uncertainty around the strength of the recovery.”
“The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion greater than the economies of Japan and Germany combined,” Gopinath said.
The coronavirus has infected nearly two million people worldwide and killed close to 120,000, bringing travel to a standstill and forcing businesses, shops and restaurants to close.
“Much worse growth outcomes are possible and maybe even likely,” the report cautioned, “if the pandemic and containment measures last longer… or if widespread scarring effects emerge due to firm closures and extended unemployment.”
“The Great Lockdown” — as the IMF called the global downturn — is the worst since the Great Depression of the 1930s.
It also is the first contraction since 2009 during the global financial crisis, but that episode hardly bears comparison.
Though the effects lingered, the decline amounted to just 0.1%, and large emerging market economies were still growing at a solid pace.
This year, the only economies expected to be spared from recession are China — where the virus originated — and India, but even those countries will see only relatively paltry growth of 1.2% and 1.9%, respectively.
In the depression nearly a century ago, the global economy contracted by about 10% while advanced economies shrunk by 16% from 1929 to 1932.
The IMF now expects advanced economies to shrink by 6% in 2020.The US economy is expected to contract by 5.9% but see growth recover by 4.7% next year.
However, the forecasts assume the pandemic will fade in the second half of the year.
The IMF projects a drop of 7.2% in France and 6.5% in Britain, but the governments in those countries are even more pessimistic, projecting contractions of 8% and 13%, respectively.