Worldwide economic growth could shrink by more than $1 trillion if coronavirus becomes a global pandemic, one research firm warns
believes the virus turning pandemic could wipe out $1.1 trillion from the world economy.
All eyes are now on the virus' death toll outside of China, a key metric for predicting the outbreak's future containment. While the rate of infection in China has slowed, new outbreaks in Asia and Europe could escalate coronavirus into a global pandemic. Should coronavirus become a pandemic contained within Asia, global gross domestic product growth in 2020 will fall 0.5%, or $400 billion, below the firm's baseline estimate, according to the note. A slowdown in world trade and consumer spending would hit most severely during the first half of the year before a sharp recovery lasts through 2021.BLACKROCK: Coronavirus fears have upended the most enduring drivers of stock returns. Here are 3 ways to stay afloat and beat the market.
Full-year GDP would fall 1.3% below Oxford Economics' baseline, erasing $1.1 trillion in previously expected economic growth.
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