Global Economy may shrink to 1% due to Covid-19

Analysis was done by UN Department of Economics and Social Affairs (DESA) which reported that the coronavirus pandemic is disrupting the global supply chains and international trade.

The Covid-19 has brought downfall of small businesses to big companies altogether. Unemployability, devastation of small businesses and stock markets keeps on decreasing day by day.

According to the UN study, they came up with the conclusion that the global economy could shrink  up to 1 percent and not in the next 5 years but in 2020 itself due to this global pandemic.

“Millions of workers in these countries are facing the bleak prospect of losing their jobs. Governments are considering and rolling out large stimulus packages to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession. In the worst-case scenario, the world economy could contract by 0.9 per cent in 2020,” the DESA said (as mentioned in the economic times).