Coronavirus pandemic could wipe $1.1 TRILLION off global economy — Oxford Economics
RT.com
20 Feb, 2020
China’s GDP growth is expected to fall from six percent last year to 5.4 percent in 2020 due to the spread of the COVID-19 virus, said the latest report by Oxford Economics.
It has modeled two scenarios on the coronavirus outbreak morphing into pandemic. Under the first scenario, if it spreads more widely in Asia, world GDP would fall by $400 billion this year, or 0.5 percent. The second scenario foresees the global GDP dropping $1.1 trillion or 1.3 percent, if the virus outbreak becomes a pandemic and a disruption to manufacturing in Asia spreads worldwide. Such a decline would be the same as losing the entire annual output of Indonesia, which is the world’s 16th largest economy.
We model two scenarios on the #coronavirus outbreak morphing into #pandemic. An #Asia pandemic wld cut world GDP $0.4tn (0.5%) in 2020 vs our baseline forecast. A global pandemic wld cut it y $1.1tn (1.3%), with the US and eurozone pushed into recession: https://t.co/4OnT8y3r8f pic.twitter.com/QfTVWD0aag
— Oxford Economics (@OxfordEconomics) February 19, 2020
“Our scenarios see world GDP hit as a result of declines in discretionary consumption and travel and tourism, with some knock-on financial market effects and weaker investment,” wrote the analysts.
The Rest…HERE
What a joke! …. down only a trillion or so…. the actual amount is very likely to be 50-80% of the entire planets productivity, and not quickly recoverable as millions will be dead, not just from the virus, but all the associated failures in the planet’s infrastructure. The millions of dead will include highly skilled scientists, engineers, medical professionals, teachers, machinists, and other highly skilled professionals. Society will not quickly recover from the great losses we will see…. this will likely be worse than any pandemics ever seen in history. Expect your paper wealth will quickly (maybe not more a few months) return to the value of the paper which it is printed.
Expect all this unless this virus immediately burns out in the next 3-4 weeks.