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
Russian presidential press secretary Dmitri Peskov at a press conference on March 6 gave Finland a warning as to its announcement
March 12, 2026
Russian presidential press secretary Dmitri Peskov at a press conference on March 6 gave Finland a warning as to its announcement
The 25th Winter Paralympics opened in Italy on March 6. At the opening ceremony held on the theme of “Active life”, the
March 12, 2026
The 25th Winter Paralympics opened in Italy on March 6. At the opening ceremony held on the theme of “Active life”, the
Kim Jong Un, general secretary of the Workers’ Party of Korea, sent a reply message to Thongloun Sisoulith, general secretary of
March 12, 2026
Kim Jong Un, general secretary of the Workers’ Party of Korea, sent a reply message to Thongloun Sisoulith, general secretary of
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 machine-building industry sector is working hard to consolidate its material and technical foundations. The Ryongsong Machine
March 11, 2026
The machine-building industry sector is working hard to consolidate its material and technical foundations. The Ryongsong Machine
Production is going on at the modern regional-industry factories built as the first outcomes of the regional development policy of
March 11, 2026
Production is going on at the modern regional-industry factories built as the first outcomes of the regional development policy of
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.
The National Inter-provincial Riding Contest-2026 was held at the Mirim Riding Club in Pyongyang, the capital of the DPRK, to mark
March 10, 2026
The National Inter-provincial Riding Contest-2026 was held at the Mirim Riding Club in Pyongyang, the capital of the DPRK, to mark
Women across the DPRK commemorated the 116th March 8 International Women's Day. Many people visited the Kumsusan Palace of the
March 10, 2026
Women across the DPRK commemorated the 116th March 8 International Women's Day. Many people visited the Kumsusan Palace of the
A dance party of women’s union officials and members took place at the plaza of the Arch of Triumph in Pyongyang on March 8, the 1
March 10, 2026
A dance party of women’s union officials and members took place at the plaza of the Arch of Triumph in Pyongyang on March 8, the 1
According to data available, well over 70 000 tall trees of dozens of species including zelkova, Korean spruce and white birch
March 10, 2026
According to data available, well over 70 000 tall trees of dozens of species including zelkova, Korean spruce and white birch
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
More Articles
