The United Nations expected the global economy to contract by 3.2% in 2020 due to severe restrictions imposed on economic activity due to the outbreak of the Coronavirus. According to Arabeya Net, a report from the organization's Department of Economic and Social Affairs said, it is likely that the recovery of economic output will be only gradual in 2021. In January, the administration expected the global economy to grow between 1.8 and 2.5% this year. The report released today said that global economic output is expected to lose about 8.5 trillion dollars in 2020 and 2021, to nearly erase its gains that have accumulated over the past four years. p> The emerging corona virus, which causes Covid-19 Respiratory Syndrome, has infected about 4.3 million people worldwide and claimed more than 291,000 lives, according to figures compiled by Reuters. . The virus first appeared in the Chinese city of Wuhan late last year. The administration said the pandemic battle - if it prolonged and its economic price became high - would radically reshape trade and globalization. The report warned of widespread loss of jobs and income as poverty worldwide worsened due to the pandemic. He said, according to basic estimates, 34.3 million people - including millions of workers in the informal sector - will drop from the extreme poverty line this year, and African countries will contribute 56% % Of this increase.
