The United Nations expected the global economy to shrink by 3.2% in 2020 after the Corona Virus pandemic imposed severe restrictions on economic activity and increased fog and fueled the worst recession since the Great Depression.
According to the report of the department of economic and social affairs in the organization, it is likely that the recovery of economic output will be only gradual in 2021, after the administration expected in January the global economy to grow between 1.8 and 2.5% this year.
The report reveals that global economic output will lose about $8.5 trillion in 2020 and 2021, almost wiping out the gains that have accumulated over the past four years.
The emerging coronavirus has infected about 4.3 million people worldwide and has killed more than 291,000 people. The virus first appeared in the Chinese city of Wuhan late last year.
The report also warned of widespread job and income losses as poverty worldwide worsened due to the pandemic. According to basic estimates, 34.3 million people, including millions of people working in the informal sector, will drop from the extreme poverty line this year and African countries will contribute by 56% of this increase.
Source (Al-Arabiya.net website, Edited)
