The Organisation for Economic Cooperation and Development (OECD) economic outlook interim report for March, 2020 noted that Coronavirus presents the world economy with its greatest danger since the global financial crisis in 2008.
According to the Paris-based policy forum, “growth was weak but stabilizing until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China.”
“The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.”
“The global economy is set to grow only 2.4 percent this year, the lowest since 2009 and down from a forecast of 2.9 percent in November.”
The World Trade Organisation (WTO) also stated the coronavirus outbreak will have a substantial impact on the global economy.
According to the head of the organization, Roberto Azevedo, stated on Monday that “the effect on the global economy are likely to be substantial and will start to show up in the trade data in the weeks to come.”
The coronavirus has seen a spike in reported cases with Italy, Iran, South Korea and China among the countries worst hit since its outbreak.
YOU MAY ALSO LIKE
As A Nation, We Cannot Afford To Fail This New Year, Says Jonathan
Share Former President Goodluck Jonathan says Nigeria cannot afford to fail in 2021, Channels Television reports. In his New Year message...
Take Care Of Nigerian Youths Else They’ll Rise Against Your Govt – Mbaka Warns Buhari
Share Ejike Mbaka, a Catholic priest and spiritual director of Adoration Ministry, Enugu, Nigeria (AMEN), has warned President Muhammadu Buhari to...
Resign Honourably, Gov Tambuwal Tells Service Chiefs Over Insecurity
Share Aminu Tambuwal, Sokoto State Governor, has asked service chiefs to honourably resign from their office due to the worsening security...
There’re Curses For People Who Criticise Men Of God, Says Pastor Chris Oyakhilome
Share Pastor Chris Oyakhilome, founder and President of LoveWorld Incorporated, commonly known as Christ Embassy, says there are curses for those...
Meet Your Targets Or Get Sanctioned – Buhari Warns Revenue Generating Agencies
Share President Muhammadu Buhari has issued a stern warning to revenue generating agencies in the country to either meet their targets...
BREAKING: President Buhari To Make New Year Nationwide Broadcast On Friday
Share President Muhammadu Buhari will make a New Year broadcast to the nation tomorrow Friday, January 1, 2021 at 7am. Garba...