Coronavirus will cost around 2 lakh crores in the global economy - United Nations

The economists in the United Nations have said that the deadly coronavirus will cost around 1 to 2 lakh crore this year on the global economy and will significantly slow down the world economic growth.

The coronavirus outbreak which has affected more than 1 lakh people has killed more than 4000. A report from the UN says that the virus outbreak will drive some country's economy into recession.

Richard Kozul-Wright, head of UNCTAD said, "We envisage a slowdown in the global economy to under two percent for this year, and that will probably cost in the order of USD 1.0 trillion. The real question now is whether that prediction will prove optimistic."

UNCTAD said that the countries which export oil and which has commercial ties with China will be more affected.

UNCTAD said, "Appropriate macroeconomic policy response will need aggressive fiscal spending with significant public investment."