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
Amid the continued tests of operational efficiency of the destroyer Choe Hyon of the Navy of the Korean People's Army, a strategic
March 11, 2026
Amid the continued tests of operational efficiency of the destroyer Choe Hyon of the Navy of the Korean People's Army, a strategic
Russian Foreign Minister Sergey Lavrov denounced the West’s policy hostile toward his country on March 5. The aim of the
March 11, 2026
Russian Foreign Minister Sergey Lavrov denounced the West’s policy hostile toward his country on March 5. The aim of the
The 2026 AFC Women’s Asian Cup is under way in Australia.Divided into three groups, twelve teams play league matches, and winners
March 11, 2026
The 2026 AFC Women’s Asian Cup is under way in Australia.Divided into three groups, twelve teams play league matches, and winners
A spokesman for the Chinese Defense Ministry at a press conference on March 6 expressed the stand to safeguard the national
March 11, 2026
A spokesman for the Chinese Defense Ministry at a press conference on March 6 expressed the stand to safeguard the national
The Kazakh government recently announced a plan for the conservation and sustainable use of biodiversity. The plan reflects the
March 10, 2026
The Kazakh government recently announced a plan for the conservation and sustainable use of biodiversity. The plan reflects the
An event took place at the Rungna People’s Sports Park in Pyongyang on March 8 to mark the AFC Women’s Football Day.Present there
March 10, 2026
An event took place at the Rungna People’s Sports Park in Pyongyang on March 8 to mark the AFC Women’s Football Day.Present there
A national meeting took place at the People's Palace of Culture in Pyongyang on March 18, the 116th International Women's Day.
March 10, 2026
A national meeting took place at the People's Palace of Culture in Pyongyang on March 18, the 116th International Women's Day.
As the whole country is brimming with love and respect for and warm congratulations to the women who are building the bright
March 09, 2026
As the whole country is brimming with love and respect for and warm congratulations to the women who are building the bright
Greeting March 8, I, with my warmest feelings, extend congratulations to all our Korean women, for whom I have affection and respe
March 09, 2026
Greeting March 8, I, with my warmest feelings, extend congratulations to all our Korean women, for whom I have affection and respe
Laotian Prime Minister Sonexay Siphandone called for developing agriculture by relying on their own efforts in a speech at a
March 09, 2026
Laotian Prime Minister Sonexay Siphandone called for developing agriculture by relying on their own efforts in a speech at a
Mass rallies took place in cities and counties of the DPRK on March 6 and 7 to vow to implement the decisions of the Ninth
March 09, 2026
Mass rallies took place in cities and counties of the DPRK on March 6 and 7 to vow to implement the decisions of the Ninth
Enlarged plenary meetings of the Party committees of the Ministry of Railways, the Ministry of Land and Maritime Transport, the
March 09, 2026
Enlarged plenary meetings of the Party committees of the Ministry of Railways, the Ministry of Land and Maritime Transport, the
Enlarged plenary meetings of Pyongyang municipal and provincial committees of the Workers' Party of Korea were held on March 5 and
March 09, 2026
Enlarged plenary meetings of Pyongyang municipal and provincial committees of the Workers' Party of Korea were held on March 5 and
A spokesman for the Chinese Defense Ministry rejected the US’ accusation that his country conducted a nuclear test before at a
March 08, 2026
A spokesman for the Chinese Defense Ministry rejected the US’ accusation that his country conducted a nuclear test before at a
Upon receiving the patriotic appeal of the Central Committee of the Workers’ Party of Korea, all the officials, Party members
March 08, 2026
Upon receiving the patriotic appeal of the Central Committee of the Workers’ Party of Korea, all the officials, Party members
Kim Jong Un, president of the State Affairs of the Democratic People’s Republic of Korea, received a message of greeting from
March 08, 2026
Kim Jong Un, president of the State Affairs of the Democratic People’s Republic of Korea, received a message of greeting from
Women's inexhaustible beauty can be said to be devotion. When their devotion is expressed to the country beyond the bounds of
March 08, 2026
Women's inexhaustible beauty can be said to be devotion. When their devotion is expressed to the country beyond the bounds of
The ginkgo trees in Kwail County in South Hwanghae Province are a pair of male and female ginkgo trees growing in the courtyard of
March 07, 2026
The ginkgo trees in Kwail County in South Hwanghae Province are a pair of male and female ginkgo trees growing in the courtyard of
There recently took place a meeting of the supreme state council of the Russia-Belarus allied state in Moscow. It was attended by
March 07, 2026
There recently took place a meeting of the supreme state council of the Russia-Belarus allied state in Moscow. It was attended by
Recently, a tragicomic accident happened in the sky above Texas, the US, where a drone of the US Customs and Border Protection was
March 07, 2026
Recently, a tragicomic accident happened in the sky above Texas, the US, where a drone of the US Customs and Border Protection was
More Articles
