THE GLOBAL ECONOMIC IMPACT OF THE COVID-19 OUTBREAK

Abstract

According to the World Health Organization, the new coronavirus, which first appeared in the Chinese city of Wuhan in December last year, infected more than 110,000 people in at least 110 countries and territories of the world. The virus outbreak has become one of the most serious threats to the global economy and financial markets. Large institutions and banks have reduced their forecasts for the global economy, and the Organization for Economic Co-operation and Development is one of the last countries to do so. Meanwhile, concerns about the impact of coronavirus on the global economy have stirred markets around the world: stock prices and bond yields have plummeted. The continued spread of the new coronavirus has become one of the biggest threats to the global economy and financial markets.