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Global economy could shrink by 1% in 2020 due to COVID-19 pandemic
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IANS | 02 Apr, 2020
The global economy could shrink
by up to 1 per cent in 2020 due to the COVID-19 pandemic, and may
contract even further if restrictions on economic activities are
extended without adequate fiscal responses, according to analysis
released on Wednesday by the UN Department of Economic and Social
Affairs (UN-DESA). The UN-DESA briefing finds that millions of
workers are at risk of losing their jobs as nearly 100 countries close
their national borders. That could translate to a global economic
contraction of 0.9 per cent by the end of 2020, or even higher if
governments fail to provide income support and help boost consumer
spending, Xinhua reported citing the UN-DESA study. According
to the forecast, lockdowns in Europe and North America are hitting the
service sector hard, particularly industries that involve physical
interactions such as retail trade, leisure and hospitality, recreation
and transportation services. Collectively, such industries account for
more than a quarter of all jobs in these economies. As
businesses lose revenue, unemployment is likely to increase sharply,
transforming a supply-side shock to a wider demand-side shock for the
economy. The severity of the impact will largely depend on the duration
of restrictions on the movement of people and economic activities and on
the scale and efficacy of responses by national treasuries. Against
that backdrop, the UN-DESA is joining a chorus of voices across the UN
system calling for well-designed fiscal stimulus packages which
prioritize health spending and support households most affected by the
pandemic. "Urgent and bold policy measures are needed, not
only to contain the pandemic and save lives, but also to protect the
most vulnerable in our societies from economic ruin and to sustain
economic growth and financial stability," said Liu Zhenmin, UN
undersecretary-general for economic and social affairs.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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