The COVID-19 pandemic and related measures have brought the world’s economy nearly to a total halt. A UN report released on May 12 projects the global economy to contract by 3.2% this year. World trade is forecast to shrink by nearly 15% amid sharply reduced demand and disruptions in global supply chains. The report known as the “World Economic Situation and Prospects (WESP) mid-2020” also adds, growth in developed economies will plunge to 5.0% this year, before picking up next year.
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