Rome: UN warns of recession in the global economy due to the deadly coronavirus outbreak
Richard Kozul Wright of the UN Trade in Development (UNCTAD) explained that this year the global economy could suffer between $ 10 trillion to $ 20 trillion.
In addition, Richard Kozul Wright predicted that the proposed loss could be further increased.
It should be noted that in the last day, oil prices have also come down.
Richard Kozul Wright said that countries whose economies are largely dependent on the production of goods will face economic pressure as the economic slowdown will reduce demand for their products.
He said that the European Union, especially Germany and Italy, will be severely affected by the recession this year.
It is understood that the EU has been financially troubled since the end of 2019.
UNCTAD predicted in its report that annual goblet growth declined by 2.5%.
German Chancellor Angela Merkel, on the other hand, defies the notion that measures to reduce the spread of the new Coronavirus are useless.
He said stockpiles elsewhere in Europe were suffering due to the spread of the virus worldwide.
It is to be noted that as of Monday morning in Germany, there have been 112 confirmed cases of Coronavirus. However, there are no reports of infection deaths in the country yet.
He emphasized that actions against the Coronavirus are not in vain, but we are saving more time.
The German Chancellor added that the most effective thing against the virus is the timing factor to protect doctors and hospitals from high pressure.