Islamic countries set to further weaken as COVID-19 crisis hits global economy
The spreading of the coronavirus more widely throughout the Asia-Pacific region, Europe, and North America is hitting consumer confidence hard, sees oil and stock prices drastically fall, and weakens the development prospects of an already fragile economy.
“Global growth could drop to 1.5% in 2020, half the rate projected prior to the virus outbreak,” said Laurence Boone, Chief Economist at the Organisation for Economic Co-operation and Development (OECD) in a press conference Mar 2, giving an interim economic outlook, before the WHO called the outbreak a pandemic on Mar 11.
Four days later on Mar 6, the Asian Development Bank said the global economic impact of the COVID-19 could range from $77 billion to $347 billion.
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