Unic Press UK: In the event that the coronavirus morphs into a global pandemic, the global economy might shed $1.1 trillion of its current Gross Domestic Product (GDP), the Oxford Economics says in a report.
According to Oxford Economics, in a scenario where the pandemic is limited to Asia the world GDP might fall $0.4tn (0.5%), while a $1.1tn (1.3%) fall in estimated if coronavirus [COVID-19] becomes a global pandemic.
Based on the latest update by the Chinese authorities, the total number of coronavirus infections in the Hubei Province – the epicenter of the disease – “climbed to 62,442, with 11,788 recovered and 2,144 dead.”
We model two scenarios on the #coronavirus outbreak morphing into #pandemic. An #Asia pandemic wld cut world GDP $0.4tn (0.5%) in 2020 vs our baseline forecast. A global pandemic wld cut it y $1.1tn (1.3%), with the US and eurozone pushed into recession: https://t.co/BsF7MElOKm pic.twitter.com/Mo2zEkWtC3
— Oxford Economics (@OxfordEconomics) February 20, 2020