“Initial estimates show that Africa will face the first recession in 25 years, while Latin America and the Caribbean will experience the deepest recession in their history. A similar economic downturn threatens many countries of the world, including in Asia, as well as in the Arab states, ”the TASS document quotes.
The UN believes that, due to the consequences of the pandemic, "the decline in economic activity has devastating consequences, including in terms of an acceptable level of debt."
The organization came to the conclusion that in connection with this it will be necessary to build a new architecture of international debt obligations, which would ensure stability and create incentives for investment for institutional and large financial markets.
It was previously reported that the International Monetary Fund (IMF) predicts a global economic decline of 3% in 2020.
Pavel Gribov, associate professor at the Department of Economic Security at RANEPA, in an interview with the FBA “Economics Today” assessed the consequences of the situation with coronavirus for the global economy.