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Home Stories Corona anticipates 1.5% reduction in global GDP growth this year

Corona anticipates 1.5% reduction in global GDP growth this year

  • International Industry Organization IIF lowered growth estimate from 2.6% to 0.4%
  • Uncertainty over the timing of the situation becoming normal, even after the corona is over

The world’s GDP growth is expected to decrease by 1.5% this year due to Coronavirus. The Institute of International Finance (IIF) released this report on Monday. IIF reduced the global GDP growth forecast from 2.6% to 0.4% in 2020. The institute says that the economy’s projections will continue to change in view of conditions such as Coronavirus, the price war of OPEC countries, cash situation in emerging markets.

The situation is not clear regarding the time of lockdown: IIF
The IIF says that there is great uncertainty about the economic impact of coronaviruses. It is not clear how long the lockdown will last in many countries. Nothing can be said about how long consumers and investment related activities will be back on track after the quarantine situation ends.

US growth to fall by 2.8%: report
The report noted that there is already a slowdown in the US and Euro area countries. US GDP growth this year is projected to decline by 2.8% and that of the euro area by 4.7%.

According to Morgan Stanley, global growth will be 0.9%
After the outbreak of Corona virus, the shock of decline in crude, shares and gold and silver, negative impact on industry and business and the relief package of central banks of different countries, the world is now moving towards a severe recession. This has been said by economists at Morgan Stanley and Goldman Sachs, two US-based investment banks — financial services company. According to him, the global growth rate may come down to 0.9 percent this year.


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