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
Political parties and organizations of different countries made public statements on the occasion of the June 25-July 27 month of
June 30, 2025
Political parties and organizations of different countries made public statements on the occasion of the June 25-July 27 month of
All kinds of crimes are happening in Western society. Child abuse is rife in Japan. The police agency of Japan announced on June 5
June 30, 2025
All kinds of crimes are happening in Western society. Child abuse is rife in Japan. The police agency of Japan announced on June 5
Russian Foreign Minister Sergey Lavrov criticized the hostile policy of the US and the West in an international forum of scientist
June 30, 2025
Russian Foreign Minister Sergey Lavrov criticized the hostile policy of the US and the West in an international forum of scientist
The Chollima General Building-materials Factory is boosting production by strengthening its technical forces. “Now that
June 30, 2025
The Chollima General Building-materials Factory is boosting production by strengthening its technical forces. “Now that
A delegation of the Ministry of Culture of the Russian Federation headed by Minister Olga Lyubimova, arrived in Pyongyang on June
June 30, 2025
A delegation of the Ministry of Culture of the Russian Federation headed by Minister Olga Lyubimova, arrived in Pyongyang on June
People are now touched by the admirable deed of Choe Ju Ok, a teacher of Inhung Junior Middle School in Moranbong District,
June 30, 2025
People are now touched by the admirable deed of Choe Ju Ok, a teacher of Inhung Junior Middle School in Moranbong District,
The respected Comrade Kim Jong Un sent a birthday spread to Kim Im Hyok, a woman centenarian living in neighbourhood unit No. 16
June 30, 2025
The respected Comrade Kim Jong Un sent a birthday spread to Kim Im Hyok, a woman centenarian living in neighbourhood unit No. 16
Pyongyang Municipality has increased the output of dairy products by 30 percent and the production and storage capacity three
June 29, 2025
Pyongyang Municipality has increased the output of dairy products by 30 percent and the production and storage capacity three
The Sangwon Cement Complex has completed its first half-yearly plan ahead of schedule. While conducting the frontline-style
June 29, 2025
The Sangwon Cement Complex has completed its first half-yearly plan ahead of schedule. While conducting the frontline-style
Different units in the mining industry sector fulfilled their first half-yearly national economic plans ahead of schedule. The
June 29, 2025
Different units in the mining industry sector fulfilled their first half-yearly national economic plans ahead of schedule. The
Ryomyong (Dawn) Street in the capital city of Pyongyang is located in the area of the Kumsusan Palace of the Sun, the supreme
June 29, 2025
Ryomyong (Dawn) Street in the capital city of Pyongyang is located in the area of the Kumsusan Palace of the Sun, the supreme
Villagers of neighbourhood unit No. 42 of Ansan-dong No. 2 in Phyongchon District, Pyongyang, say as follows whenever they see a
June 29, 2025
Villagers of neighbourhood unit No. 42 of Ansan-dong No. 2 in Phyongchon District, Pyongyang, say as follows whenever they see a
The DPRK embassy in Moscow hosted a reception on June 23 to mark the first anniversary of the historic DPRK-Russia Pyongyang
June 28, 2025
The DPRK embassy in Moscow hosted a reception on June 23 to mark the first anniversary of the historic DPRK-Russia Pyongyang
Russian President Vladimir Putin said that Russia would continuously build up its defence capabilities in a meeting with graduates
June 28, 2025
Russian President Vladimir Putin said that Russia would continuously build up its defence capabilities in a meeting with graduates
The respected Comrade Kim Jong Un sent a birthday spread to Kim Yun Sil, living in neighbourhood unit No. 27 in Kingol-dong of
June 28, 2025
The respected Comrade Kim Jong Un sent a birthday spread to Kim Yun Sil, living in neighbourhood unit No. 27 in Kingol-dong of
Schoolchildren are now enjoying camping in the Mangyongdae Children's Camp in the suburbs of Pyongyang. At the camp located at the
June 28, 2025
Schoolchildren are now enjoying camping in the Mangyongdae Children's Camp in the suburbs of Pyongyang. At the camp located at the
The food crisis in Yemen is getting more serious due to long-term economic decline, continuous conflict and severe weather
June 27, 2025
The food crisis in Yemen is getting more serious due to long-term economic decline, continuous conflict and severe weather
In Neighbourhood Unit No. 17 in Sonnae-dong of Mangyongdae District, Pyongyang, there is a family growing saplings of good species
June 27, 2025
In Neighbourhood Unit No. 17 in Sonnae-dong of Mangyongdae District, Pyongyang, there is a family growing saplings of good species
Wasan Primary School in Sosong District, Pyongyang, which was awarded the title of Twice Honoured Red Flag School, is well-known
June 27, 2025
Wasan Primary School in Sosong District, Pyongyang, which was awarded the title of Twice Honoured Red Flag School, is well-known
The children’s intelligence development technology exchange company under Pyongyang Teachers Training College has developed in a
June 27, 2025
The children’s intelligence development technology exchange company under Pyongyang Teachers Training College has developed in a
More Articles
