Coronavirus pandemic could wipe $1.1 TRILLION off global economy — Oxford Economics
China's GDP growth is expected to fall from six percent last year to 5.4 percent in 2020 due to the spread of the COVID-19 virus, said the latest report by Oxford Economics.
It has modeled two scenarios on the coronavirus outbreak morphing into pandemic. Under the first scenario, if it spreads more widely in Asia, world GDP would fall by $400 billion this year, or 0.5 percent. The second scenario foresees the global GDP dropping $1.1 trillion or 1.3 percent, if the virus outbreak becomes a pandemic and a disruption to manufacturing in Asia spreads worldwide. Such a decline would be the same as losing the entire annual output of Indonesia, which is the world's 16th largest economy.
[...]
"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," wrote the analysts.
Oxford Economics said it still expected the impact of the virus to be limited to China and to have a significant, but short-term impact, bringing world GDP growth just 0.2 percent lower than January at 2.3 percent.
The growth of new confirmed cases of the deadly coronavirus has slowed down this week, but experts warn it is too early to call the all-clear for the risk of a pandemic. So far, there are over 75,500 confirmed cases and more than 2,100 deaths.
Re: Coronavirus pandemic could wipe $1.1 TRILLION off global economy
Allah is destroying the riba based economy as we speak. With the growth of Islamic banking which is being made accessible even to many non Muslims, and with the millennials in the US aiming for earlier retirement and thus leading the federal reserve to forecast slashed interest rates, and Donald trump aiming for fixed very low interest rates, and with the growth of bootstrapping, riba should be gone soon.
Re: Coronavirus pandemic could wipe $1.1 TRILLION off global economy
If this disease is a punishment from Allah (swt), it appears to be working. some estimates say it could infect 2/3 of the world's population, that is, if china is not quarantined in my opinion and turned into a failed state.
Hey there! Looks like you're enjoying the discussion, but you're not signed up for an account.
When you create an account, we remember exactly what you've read, so you always come right back where you left off. You also get notifications, here and via email, whenever new posts are made. And you can like posts and share your thoughts. Sign Up
Flawed liked this post
Hide
Looks like you're enjoying the discussion, but you're not signed up for an account.
Posting Permissions
Bookmarks