The global economy could suffer more than $ 5 trillion in the next two years due to the global epidemic corona. This is more than the annual production of Japan. After the outbreak of corona in many countries of the world, when most countries announced the lockdown, then people stopped coming out of their homes, shops were closed, business has almost collapsed. Meanwhile, the Wall Street Bank warned that this is the worst phase since the 1930s. While this warning of recession is for a short time, it will take a long time for the economy to get back on track.
For your information, let us tell you that it is like the time after the global financial crisis of a decade ago. However, the economy may go down further than economists predicted and it will take more time to rise. According to Bloomberg's report, it is time for policymakers to outline the work on a larger scale. Considering the situation at present, there is a need for adequate stimulus in the economy, but lockdown should be avoided to open soon, if it is opened soon, the virus can return again.
Economists at JPMorgan Chase & Co. have predicted a $ 5.5 trillion loss in production by the end of next year, equivalent to about 8% of GDP. At the same time, the World Trade Organization said on Wednesday that the epidemic has affected international trade flows in the worst way ever. He said that this is the worst period ever. The International Monetary Fund may announce its new meeting next week.