A number of Wall Street investment institutions predict that the New Crown Virus epidemic will cause global economic growth to exceed US $ 5 trillion in losses over the next two years, surpassing Japan ’s gross domestic product (GDP).
Bloomberg News quoted economic analysts as saying that the duration of the economic downturn caused by the new crown epidemic may not be too long, but it will take some time for major economies to recover . Even if countries have introduced unprecedented monetary and fiscal stimulus measures, the global economy will not return to the level before the outbreak at least until 2022.
Catherine Mann, chief economist at Citibank Group, believes that whether the epidemic can be effectively contained is critical to the economic performance of this and next two years, and the total global GDP is expected During this period, about 5 trillion dollars will be lost.
JPMorgan Chase estimates that the epidemic will cost the global economy US $ 5.5 trillion by the end of next year, equivalent to about 8% of global GDP.
The World Trade Organization (WTO) pointed out on the 8th that the decline in international trade caused by the epidemic may be higher than any period since the Second World War. A report released by the International Labor Organization earlier this week estimated that more than 1 billion people worldwide face the risk of salary cuts or unemployment.
Bloomberg reports that in order to promote economic recovery, global policy makers are facing a difficult task, need to come up with enough stimulus measures to boost the economy, and avoid premature unblocking Bring the risk of a comeback of the virus, while strengthening international collaboration.
The Bank for International Settlements warns that if countries do not cooperate in the fight, a second wave of outbreaks may occur globally.
(Originally titled “Global Economic Terrorism Loss of Over US $ 5 trillion”)