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
Russia commemorated the Day of Defenders of the Motherland on February 23. Russian President Vladimir Putin presented a wreath at
March 03, 2026
Russia commemorated the Day of Defenders of the Motherland on February 23. Russian President Vladimir Putin presented a wreath at
DPRK divers Jo Jin Mi and Kim Mi Hwa finished runners-up in the women’s 10-metre platform synchronized diving event of
March 03, 2026
DPRK divers Jo Jin Mi and Kim Mi Hwa finished runners-up in the women’s 10-metre platform synchronized diving event of
The respected Comrade Kim Jong Un sent a birthday spread to Kim Jong Bok, a woman living in Neighbourhood Unit No. 68 of the
March 03, 2026
The respected Comrade Kim Jong Un sent a birthday spread to Kim Jong Bok, a woman living in Neighbourhood Unit No. 68 of the
Graduating class students of senior middle schools in Kangwon Province have volunteered for military service to reliably defend
March 03, 2026
Graduating class students of senior middle schools in Kangwon Province have volunteered for military service to reliably defend
The chief secretaries of city and county committees of the Workers' Party of Korea and the chairpersons of city and county
March 02, 2026
The chief secretaries of city and county committees of the Workers' Party of Korea and the chairpersons of city and county
Russian President Vladimir Putin referred to the issue of bio-economic development as he addressed the future technology forum on
March 02, 2026
Russian President Vladimir Putin referred to the issue of bio-economic development as he addressed the future technology forum on
A spokesperson for the Chinese Foreign Ministry rejected the groundless criticism by the US at a press conference on February 25.
March 02, 2026
A spokesperson for the Chinese Foreign Ministry rejected the groundless criticism by the US at a press conference on February 25.
The Sangwon Cement Complex fulfilled its production plan for February. The complex made the employees engage in technical
March 02, 2026
The Sangwon Cement Complex fulfilled its production plan for February. The complex made the employees engage in technical
Foreign personages paid congratulatory visits to the DPRK missions in their countries on the occasion of the 84th birth
March 01, 2026
Foreign personages paid congratulatory visits to the DPRK missions in their countries on the occasion of the 84th birth
The 39th Science and Technology Festival of Kim Il Sung University took place from February 25 to 27. Presented to the festival on
March 01, 2026
The 39th Science and Technology Festival of Kim Il Sung University took place from February 25 to 27. Presented to the festival on
A Pyongyang municipal military-civilian meeting and a public procession for implementing the decisions of the Ninth Congress of
March 01, 2026
A Pyongyang municipal military-civilian meeting and a public procession for implementing the decisions of the Ninth Congress of
There took place a short course for the participants in the Ninth Congress of the Workers’ Party of Korea in Pyongyang, the
March 01, 2026
There took place a short course for the participants in the Ninth Congress of the Workers’ Party of Korea in Pyongyang, the
The 2026 National Winter Games closed at the ice hockey gymnasium in the Paektusan area sports village in the City of Samjiyon,
March 01, 2026
The 2026 National Winter Games closed at the ice hockey gymnasium in the Paektusan area sports village in the City of Samjiyon,
Medical workers are conducting dynamic outreach medical service activities in major sites of socialist construction. According to
March 01, 2026
Medical workers are conducting dynamic outreach medical service activities in major sites of socialist construction. According to
Kim Jong Un, general secretary of the Workers' Party of Korea and president of the State Affairs of the Democratic People's
February 28, 2026
Kim Jong Un, general secretary of the Workers' Party of Korea and president of the State Affairs of the Democratic People's
Kim Jong Un, general secretary of the Workers' Party of Korea and president of the State Affairs of the Democratic People’s
February 28, 2026
Kim Jong Un, general secretary of the Workers' Party of Korea and president of the State Affairs of the Democratic People’s
The international community is strongly denouncing the US ambassador to Israel for his reckless remark that Israel has the right
February 28, 2026
The international community is strongly denouncing the US ambassador to Israel for his reckless remark that Israel has the right
The Slovak prime minister on February 21 warned that Slovakia would stop the power supply to Ukraine. Saying that Ukrainian
February 28, 2026
The Slovak prime minister on February 21 warned that Slovakia would stop the power supply to Ukraine. Saying that Ukrainian
The respected Comrade Kim Jong Un sent a birthday spread to Pang Kum Sun, a centenarian living in Neighbourhood Unit No. 32,
February 28, 2026
The respected Comrade Kim Jong Un sent a birthday spread to Pang Kum Sun, a centenarian living in Neighbourhood Unit No. 32,
Football coach wins World Cup Merited Athlete Pak Song Jin is a football coach of the April 25 Sports Team. He cut a conspicuous
February 28, 2026
Football coach wins World Cup Merited Athlete Pak Song Jin is a football coach of the April 25 Sports Team. He cut a conspicuous
More Articles
