Russian Expert: World Loses $3,5 Trillion due to COVID-19

Sergey Vershinin, Deputy of Russia's Foreign Minister, estimated that the world economy has suffered from hefty losses due to the pandemic of Coronavirus ( known also as COVID-19) which swept the plant last year and imposed more challenges on all countries in six continents.

The Russian official added that losses of the pandemic across the world hit $3, 5 trillion which equals twofold of the financial disaster that hit the world in 2008.

Vershinin pointed out the pandemic would be registered as one of the most complicated in the 21st century as the consequences of it extend to all walkouts of life.

Earlier this year, a report of the United Nations   Conference on Trade and Development (UNCTAD) revealed that the world may lose more than $10 trillion of the total Gross Domestic Product (GDP) in all countries as a result of the pandemic.

The report indicated the world economy is expected to grow by 4,7  % this year but the GDP will be less than the situation if the pandemic never hits the planet.

On the other hand, the experts at International Monetary Fund (IMF) forecast that the world economy will grow strongly despite huge risks, such as new variants of the Coronavirus.

Geoffrey W.S. Okamoto, first deputy of General –Director of the IMF, said that there indicators of strong recovery of the world economy over the next period.

Okamoto addressed the Forum of Development in China days ago.

He assured that IMF will revise the previous estimations of growth of the world economy to reflect the positive results of the package of stimulants of the US economy.

However, he warned of exceptional uncertainty still blankets the world, as the new strains of the Coronavirus may postpone or hinder the recovery of the world economy.

He revealed that a rocketing wide gap separates the rate of economies of the developed countries and ones of the under-developed nations in Asia, Africa, and Latin America.