The Ministry of Planning and Economic Development has published, through its social media platforms, a set of infographics explaining the impact of the coronavirus pandemic on global economic indicators.
The infographics indicated that global growth is expected to decline by 4.9%, along with an expected decline in global remittance flows by 20% and foreign direct investment (FDI) by 40%.
The data included expectation of a decline in global trade by 13-32%, adding that between 70-100 million citizens will be put in the clutches of extreme poverty.
World merchandise trade fell 14% in volume, 21% in value in Q2 amid global lockdown
Global trade volumes declined by 14.3% in the second quarter of 2020 compared to the previous estimates as COVID-19 affected economies around the world.
The latest trade contraction is sharper than the 10.2% drop recorded during the 2008/09 financial crisis.
Also, the losses of global working hours expected in 2020, amount to the equivalent of losing 400 million jobs.
In addition, global debt exceeded $258 trillion, or 331% of gross domestic product (GDP) in the first quarter of 2020.
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