The global economy is now facing an unprecedented threat from the COVID-19 pandemic. Almost all the economic sectors such as trade, remittances, supply chain, regional collaboration, production, transportation, tourism and other service sectors are now stagnant due to lockdown and unpredictability. It is now clear that the COVID-19 will cause substantial damage to the global economy.
The Centre for Policy Dialogue (CPD) recently shared these analyses through a virtual media briefing on “Health and Economic Risks of Corona Pandemic and Recommendations” on 21 March 2020 in Dhaka.
Download Presentation | Watch the Virtual Media Briefing
Before COVID-19 outbreak in January 2020, it was predicted that the global economy will grow at 2.7% (UNCTAD calculations based on IMF, WEO). Now, these numbers have been revised downward.
The IMF earlier had projected that global economic growth is expected to rise from 3.0% in 2019 to 3.3% in 2020 and 3.4% in 2021. However, IMF has now made a downward revision of 0.1 percentage point for 2019, 1.7 percentage point for 2020 and 0.2 percentage point for 2021 compared to those predicted in the October 2019 (3.0% in 2019, 3.3% in 2020 and 3.4% in 2021) issue of the World Economic Outlook (WEO) report of the IMF.
According to the OECD Economic Outlook Report (March 2020), Asia may face economic loss equivalent to 0.3% GDP.
