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Amid pandemic, world economy projected to shrink 3.2% in 2020: UN

作者:admin 2020-05-19

NEW YORK — The world economy is projected to shrink by 3.2% in 2020 after the coronavirus pandemic sharply restricted economic activity, increased uncertainty and sparked the worst recession since the depression, the United Nations said on Wednesday.

A report by the UN Department of Economic and Social Affairs said there would likely only be a gradual recovery of lost output in 2021. In January, the department had projected world economy growth of between 1.8% to 2.5% this year.

“The world economy is expected to lose nearly (US)$8.5 trillion in output in 2020 and 2021, nearly wiping out the cumulative output gains of the previous four years,” the report released on Wednesday said.

The new coronavirus, which causes the respiratory illness COVID-19, has infected some 4.3 million people globally and more than 291,000 have died, according to a Reuters tally. The virus first emerged in the Chinese city of Wuhan late last year.

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