The rapid spread of COVID-19 over well over 100 countries and regions of the world seriously threatens the lives of people and deals a heavy blow to their economies as well.
According to the report to the UN conference on trade and development published in Geneva on Mar 9, the world economic losses caused by the spread of the new coronavirus will reach about US$ 2 trillion.
The report expected that the global economic growth rate which was estimated to rise by 2.7 percent this year will stay at about 1.7 percent due to the adverse effect of the epidemic.
Economic experts warned that the spread of COVID-19 would drive the weak Italian economy to the fourth worst recession in 12 years.
Japanese tourism is estimated to suffer US$ 1.29 billion income losses in the first quarter of the year.
With the world economic growth rate being expected to decline, the price of Brent crude dropped by about 25 percent as against the beginning of the year as of late February.
The International Energy Agency announced that the global oil demand curve would fall for the first time in the first quarter of the year in over a decade.
Now many countries and experts express great anxiety and apprehension over the negative effect of the rapid spread of the epidemic on the world economy and its consequences.
Russian President Putin said the last week of February became the worst one for the world market since the 2008 economic crisis and referred to the need to find a way to cope with adverse consequences in the economic sector.
Valentina Matvienko, chairwoman of the Russian Federation Council, said the spread of COVID-19 would cause at least one percent fall of the world economic growth rate and it would also affect the Russian economy.
The French economy minister told BFM TV that the current crisis would have a more serious impact on the world economic growth than SARS in 2003.
The Canadian finance minister expressed his concern over its potential negative impact on the country’s economy, especially petroleum industry, tourism and commerce.
The price of oil, one of its major exports, has dropped by 15 percent since the outbreak of the disease and it would have harmful effects on the whole country, he said.
Finance ministers and presidents of central banks of G-20 nations published a statement to express their anxiety over the crisis.
More From Pyongyang Times
Maria Zakharova, spokeswoman for the Russian Foreign Ministry, warned against Japan’s dangerous moves towards militarization at a
December 06, 2025
Maria Zakharova, spokeswoman for the Russian Foreign Ministry, warned against Japan’s dangerous moves towards militarization at a
Modern rural dwellings which have been built at the Jamjin Farm in Kangso District and the Ryongho Farm in Ryonggang County,
December 06, 2025
Modern rural dwellings which have been built at the Jamjin Farm in Kangso District and the Ryongho Farm in Ryonggang County,
An art troupe of Korean schoolchildren in Japan headed by Ri Chol Su, principal of Toshun Korean Primary School, arrived in
December 06, 2025
An art troupe of Korean schoolchildren in Japan headed by Ri Chol Su, principal of Toshun Korean Primary School, arrived in
The State Academy of Sciences developed the technologies for producing reduced iron and synthetic fuel oil based on coal
December 06, 2025
The State Academy of Sciences developed the technologies for producing reduced iron and synthetic fuel oil based on coal
The Tanchon Smeltery is the one and only business that has been selected as one of the top ten enterprises for three consecutive
December 06, 2025
The Tanchon Smeltery is the one and only business that has been selected as one of the top ten enterprises for three consecutive
The Public Prosecutor General of Venezuela on November 26 exposed and condemned the illegality of the attacks the US is mounting o
December 05, 2025
The Public Prosecutor General of Venezuela on November 26 exposed and condemned the illegality of the attacks the US is mounting o
The Vietnamese embassy in Pyongyang hosted a photo exhibition and reception at the Taedonggang Diplomatic Club on December 3 on
December 05, 2025
The Vietnamese embassy in Pyongyang hosted a photo exhibition and reception at the Taedonggang Diplomatic Club on December 3 on
A meeting took place at the Central Youth Hall in Pyongyang on December 3 to mark the International Day of Persons with
December 05, 2025
A meeting took place at the Central Youth Hall in Pyongyang on December 3 to mark the International Day of Persons with
The expedition of youth and students from across the DPRK to revolutionary battle sites in the area of Mt Paektu visited Chairman
December 05, 2025
The expedition of youth and students from across the DPRK to revolutionary battle sites in the area of Mt Paektu visited Chairman
The exhibition of products of Koryo medicine pharmaceutical factories-2025 closed with due ceremony at the Okryu Exhibition House
December 05, 2025
The exhibition of products of Koryo medicine pharmaceutical factories-2025 closed with due ceremony at the Okryu Exhibition House
New villages have been built at the Chongok Farm and the Jasan Farm in Phyongsong City of South Phyongan Province and the
December 05, 2025
New villages have been built at the Chongok Farm and the Jasan Farm in Phyongsong City of South Phyongan Province and the
South Phyongan Province has newly built the Institute of Agricultural Science. The comprehensive research base with research
December 05, 2025
South Phyongan Province has newly built the Institute of Agricultural Science. The comprehensive research base with research
Modern dwelling houses have been built at the Tongchon Farm in Cholsan County of North Phyongan Province and the Jonchang Farm in
December 05, 2025
Modern dwelling houses have been built at the Tongchon Farm in Cholsan County of North Phyongan Province and the Jonchang Farm in
North Hamgyong Province splendidly remodelled the Kyongsong Tile Factory. The remodelling of the factory furnished with efficient
December 05, 2025
North Hamgyong Province splendidly remodelled the Kyongsong Tile Factory. The remodelling of the factory furnished with efficient
A spokesman for the Chinese Foreign Ministry answered a question put by a journalist as to the US’ sanctions against Venezuela
December 04, 2025
A spokesman for the Chinese Foreign Ministry answered a question put by a journalist as to the US’ sanctions against Venezuela
Young people in South Phyongan Province volunteered one after another to work at coal mines in the province with the will to
December 04, 2025
Young people in South Phyongan Province volunteered one after another to work at coal mines in the province with the will to
The Third Plenary Meeting of the Eighth Central Committee of the Workers’ Party of Korea held in June 2021 adopted the childcare
December 04, 2025
The Third Plenary Meeting of the Eighth Central Committee of the Workers’ Party of Korea held in June 2021 adopted the childcare
DPRK scientists and technicians developed a disaster warning information system to ensure scientific, accurate and rapid disaster
December 04, 2025
DPRK scientists and technicians developed a disaster warning information system to ensure scientific, accurate and rapid disaster
Pak Thae Song, member of the Presidium of the Political Bureau of the Central Committee of the Workers' Party of Korea and premier
December 03, 2025
Pak Thae Song, member of the Presidium of the Political Bureau of the Central Committee of the Workers' Party of Korea and premier
The Central Committee of the Workers' Party of Korea sent a congratulatory message to the General Council of the United Russia
December 03, 2025
The Central Committee of the Workers' Party of Korea sent a congratulatory message to the General Council of the United Russia
More Articles
