Global economic losses reach $126 billion due to COVID-19
The coronavirus pandemic has brought global economic activity to a near-standstill, resulting in a series of losses. According to the International Trade Center, this year the world economy has lost at least $126 billion due to the major failure in international supply chains caused by the outbreak.
COVID-19 has severely disrupted global trading links. International trade has been most affected by the suspended production in China, the European Union, and the United States, experts emphasize. These countries account for 63% of world imports and 64% of exports in global supply chains. The report prepared by the International Trade Center reveals that trade disruption has had the greatest impact on emerging markets most reliant on exports.
Experts estimate that the pandemic has turned out to be a disaster for at least 55% of small and medium-sized enterprises across the globe. In this regard, the global economic rebound is likely to take longer than predicted, analysts are sure.