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March 12, 2020

$2.4 trillion Global GDP Loss & 15 million deaths due to COVID-19 likely

Kathmandu: COVID-19 pandemic that spread from mainland China has resulted in 4,6324 deaths and 126,380 coronavirus cases globally with its infections in more than 100 countries so far.

Chinese health officials claim that 68,313 Chinese patients either suspected or infected with Coronavirus have recuperated from COVID-19 infection and have returned home.

The suddenly increased cases of Coronavirus in South Korea, Iran, Italy, US, Iraq, India, Kuwait, Oman, Spain, Switzerland, Algeria, and Germany among others have not only caused a total lockdown in few of the countries such as Italy but also crippled normal life across the globe.

Coronavirus pandemic has caused Indian, US government including Qatar, Oman, and other countries to impose a ban on the arrival of passengers from European countries. The rise in Coronavirus cases globally has paralyzed most of the international airline agencies.

The drastic spread of this sinister epidemic has crushed the global economy to a greater extent as per the media reports trickling in from around the globe.

What is surprising is that despite preventive measures being taken around the world, the Coronavirus cases are on the increase and fatal cases surging up day by day?

The World Health Organization (WHO) has already declared a Global Health Emergency and cautioned all vulnerable nations like Nepal to take serious preventive measures to combat this lethal disease.

A group of Australian experts predicts that the global impact of the Coronavirus may total $2.4 trillion in lost global gross domestic product.

Business Insider quoting Australian National University (ANU) reported that the  Research estimates a global GDP loss of $2.4 trillion with estimated death of 15 million. Another research puts in, “that the patients aged 10 to 19 had the same chance of dying from COVID-19 as patients in their 20s and 30s, but the disease appeared to be much more fatal in people aged 50 and over.”

According to the International Air Transport Association, global airlines are likely to lose $ 113 billion in sales in case the COVID-19 continues to spread with the same tempo.

UN economists announced a possible drop of $50 billion in worldwide manufacturing exports in February alone. WHO has called for the US $ 675 million to fund to combat Coronavirus.

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