The loss of world GDP from the spread of a new type of coronavirus can reach $ 1.1 trillion in 2020, The Guardian reported.
Such damage would mean a decrease in global GDP by 1.3% (compared with the analytical center’s forecast for 2020). The Oxford Economics report says the forecast will come true if the outbreak of pneumonia caused by a new type of coronavirus becomes a global pandemic.
If the borders of the pandemic will be determined only by Asia, the fall in world GDP will be $ 0.4 trillion (0.5%). “Our scenarios see world GDP hit as a result of declines in discretionary consumption and travel and tourism, with some knock-on financial market effects and weaker investment,” it said.
According to Oxford Economics, China's GDP growth will slow amid the spread of the virus from 6 to 5.4% in 2020. World Health Organization (WHO) warned that the spread of coronavirus has the potential for a pandemic.