Impact of COVID-19 on the Global Economy
What you need to know about the coronavirus pandemic on 4 April ?
In this daily round-up, we'll bring you a selection of the latest news updates on the coronavirus pandemic, as well as tips and tools to help you stay informed and protected.
Today's big stories include: IMF head warns of the steepest downturn since Great Depression; How this app is helping UK health systems plan resources; Why economist Robert Shiller says we're fighting two pandemics.
What is the World Economic Forum doing about the coronavirus outbreak?
A new strain of Coronavirus, COVID 19, is spreading around the world, causing deaths and major disruption to the global economy.
Responding to this crisis requires global cooperation among governments, international organizations and the business community, which is at the centre of the World Economic Forum’s mission as the International Organization for Public-Private Cooperation.
The Forum has created the COVID Action Platform, a global platform to convene the business community for collective action, protect people’s livelihoods and facilitate business continuity, and mobilize support for the COVID-19 response. The platform is created with the support of the World Health Organization and is open to all businesses and industry groups, as well as other stakeholders, aiming to integrate and inform joint action.
As an organization, the Forum has a track record of supporting efforts to contain epidemics. In 2017, at our Annual Meeting, the Coalition for Epidemic Preparedness Innovations (CEPI) was launched – bringing together experts from government, business, health, academia, and civil society to accelerate the development of vaccines. CEPI is currently supporting the race to develop a vaccine against this strand of the coronavirus.
How COVID-19 is impacting the globe ?
There are more than 1,123,000 confirmed cases of infection and more than 59,000 confirmed deaths worldwide, according to Johns Hopkins University. More than 228,000 people have reportedly recovered from COVID-19.
Ventilators in New York City will be redistributed to the city's hardest-hit areas.
In Malaysia, meals and 3-D printed masks are sent to health workers.
The global economy is set for its sharpest reversal since the Great Depression, IMF warns ?
“This is a crisis like no other,” said Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at a conference organized by the World Health Organization yesterday.
“Never in the history of the IMF have we witnessed the world economy coming to a standstill,” she said. “It is way worse than the global financial crisis.”
Georgieva's speech followed in the wake of more startling economic data to emerge from the US, which now has more confirmed cases of COVID-19 than any other country in the world. The US economy lost 710,000 jobs in early March, ending a run of 113 months of continuous job growth. The official figures were far worse than many economists had predicted.
Earlier this week, data showed that the number of Americans seeking unemployment benefits hit a record high for the second week in a row. More than 6.6 million people filed jobless claims in the week ended 28 March, the Department of Labor said.
Indian PM, US President Discuss Pandemic & Impact on Economy ?
PM Narendra Modi had a telephonic conversation on Saturday with Donald Trump, President of United States of America. The two leaders exchanged views on the ongoing COVID-19 pandemic and its impact on the global well-being and economy.
The Prime Minister conveyed deep condolences for the loss of lives in the United States and his prayers for the early recovery of those still suffering from the disease.