The global economy faces $ 5 trillion hit over the next two years amid COVID-19 pandemic, Bloomberg reported. 

According to the source, “the world plunges into its deepest peacetime recession since the 1930s, after the virus forced governments to demand that businesses close and people stay home.”

“Although the downturn is predicted to be short-lived, it’ll take time for economies to make up the lost ground,” the agency noted.

The publication provides the opinion of the Citigroup chief economist Catherine Mann. 

“Trajectory matters a whole lot,” said Catherine Mann, chief economist of Citigroup Inc., which expects a global hit of around $5 trillion. “If your trajectory is positive, that is supportive of business confidence and supportive of individuals feeling they can go get a job. That’s a critical ingredient going into the second half of the year and 2021.”

Meanwhile, JPMorgan Chase experts estimate this indicator at $ 5.5 trillion. By the way, specialists of the American bank Morgan Stanley believe that GDP indicators will return to the pre-crisis level only in the third quarter of 2021 amid the developed countries