World economy faces $5 trillion hit due to coronavirus: Bloomberg

The coronavirus pandemic is set to rob the global economy of more than $5 trillion of growth over the next two years, greater than the annual output of Japan, Report says, citing Bloomberg.

The Agency drew attention to the fact that the world plunges into its deepest peacetime recession since the 1930s, after the virus forced governments to demand that businesses close and people stay home.

Although experts predict the downturn is to be short-lived, it’ll take time for economies to make up the lost ground. Even with unprecedented levels of monetary and fiscal stimulus, gross domestic product is unlikely to return to its pre-crisis trend until at least 2022.
On December 31, 2019, Chinese authorities announced an outbreak of pneumonia in the city of Wuhan. The causative agent of the disease is a new type of coronavirus, which has official named COVID-19. On March 11, the World Health Organization (WHO) declared the outbreak of the new coronavirus a pandemic.