Coronavirus: Global economy to suffer 7 000 billion USD in losses

harborAccording to projections by the Chief Economist of the Organization for Economic Co-operation and Development (OECD), Laurence Boone, the coronavirus pandemic is expected to have lasting effects on the global economy. The world GDP is to decline by 4.5% in 2020 and rebound by an estimated 5% in 2021.

In terms of cost, the losses caused by COVID-19 will reduce global GDP by 7 000 billion USD for the period ranging from November 2019 to the end of 2021.

According to the same source, the decline in activities in Europe was less significant than expected in Q2 2020.

Read also | Covid-19: Heavy losses incurred by insurers and reinsurers

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