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
A spokesman for the Ministry of Foreign Affairs of China condemned the moves of Japan to revive militarism at a press conference o
November 26, 2025
A spokesman for the Ministry of Foreign Affairs of China condemned the moves of Japan to revive militarism at a press conference o
The Pukchang Thermal Power Complex newly established a process for converting soot from the power production process into a raw
November 26, 2025
The Pukchang Thermal Power Complex newly established a process for converting soot from the power production process into a raw
The national robot contest according to school systems in the field of general education-2025 took place at Pyongyang Teachers
November 26, 2025
The national robot contest according to school systems in the field of general education-2025 took place at Pyongyang Teachers
On the basis of the information service system related to forest fire monitoring which is in operation on a nationwide scale, the
November 26, 2025
On the basis of the information service system related to forest fire monitoring which is in operation on a nationwide scale, the
New houses have been built at the Township Farm in Hochon County, South Hamgyong Province, and the Insan Farm in Rangnim County,
November 26, 2025
New houses have been built at the Township Farm in Hochon County, South Hamgyong Province, and the Insan Farm in Rangnim County,
The Okryu Children’s Hospital in the Munsu area of Pyongyang was inaugurated in October 2013.The hospital, equipped with the lates
November 26, 2025
The Okryu Children’s Hospital in the Munsu area of Pyongyang was inaugurated in October 2013.The hospital, equipped with the lates
Top spinning is one of winter folk games of Korean children. A top is spun with a whip on the ice or the ground. In winter
November 26, 2025
Top spinning is one of winter folk games of Korean children. A top is spun with a whip on the ice or the ground. In winter
The situation of children is getting worse in many countries and regions of the world with each passing day. Disputes and armed
November 25, 2025
The situation of children is getting worse in many countries and regions of the world with each passing day. Disputes and armed
New modern houses have been built in Ryongchon-dong, Saemunhwa-dong, Ponsan-dong, Jonjin-dong No. 2 and Taehung-dong No. 1 of
November 25, 2025
New modern houses have been built in Ryongchon-dong, Saemunhwa-dong, Ponsan-dong, Jonjin-dong No. 2 and Taehung-dong No. 1 of
Russian President Vladimir Putin stressed that no statute of limitations applies to the crimes committed by Nazis in his
November 25, 2025
Russian President Vladimir Putin stressed that no statute of limitations applies to the crimes committed by Nazis in his
The 18th national symposium of health workers on experience of devoted service took place at the Myohyangsan Medical Appliances
November 25, 2025
The 18th national symposium of health workers on experience of devoted service took place at the Myohyangsan Medical Appliances
Kim Chaek University of Technology carried out the major research projects planned for this year ahead of schedule. Research teams
November 25, 2025
Kim Chaek University of Technology carried out the major research projects planned for this year ahead of schedule. Research teams
A session of the Permanent Commission of the Standing Committee of the Supreme People's Assembly of the DPRK was held. The session
November 25, 2025
A session of the Permanent Commission of the Standing Committee of the Supreme People's Assembly of the DPRK was held. The session
Russian President Vladimir Putin took part online in a ceremony of laying down the keel of the nuclear-powered ice-breaker
November 24, 2025
Russian President Vladimir Putin took part online in a ceremony of laying down the keel of the nuclear-powered ice-breaker
The proud entities of rural development have been created one after another in Rason Municipality, which is located in the
November 24, 2025
The proud entities of rural development have been created one after another in Rason Municipality, which is located in the
A fairyland village has appeared at the Hyongsan Vegetable Farm in Hyongjesan District of Pyongyang Municipality. The picturesque
November 24, 2025
A fairyland village has appeared at the Hyongsan Vegetable Farm in Hyongjesan District of Pyongyang Municipality. The picturesque
The Namap Farm in Yomju County in North Phyongan Province, one of the country’s ten best agricultural counties in 2024, has
November 24, 2025
The Namap Farm in Yomju County in North Phyongan Province, one of the country’s ten best agricultural counties in 2024, has
Thousands of junior officials and members of the women’s union in Ryanggang Province have volunteered for major fronts for
November 24, 2025
Thousands of junior officials and members of the women’s union in Ryanggang Province have volunteered for major fronts for
Rapid population growth and economic development are accompanied by the consumption of huge amounts of resources. The resources
November 23, 2025
Rapid population growth and economic development are accompanied by the consumption of huge amounts of resources. The resources
Kim Yong Rok was born and bred in Chollima District, Nampho Municipality. Unfortunately, he was injured in his two arms in an
November 23, 2025
Kim Yong Rok was born and bred in Chollima District, Nampho Municipality. Unfortunately, he was injured in his two arms in an
More Articles
