With millions forced to work from home this year, offices and shops closing as part of containment measures, and travel severely curtailed everywhere, it was inevitable that the economy would suffer. In part five of our look back at 2020, we focus on the seismic effect that COVID-19 has had on the global economy.
Even before the virus had officially been declared a pandemic, it was clear that the shutdowns, travel bans and other restrictions on movement would be serious.
Back in March, the UN trade agency, UNCTAD, was forecasting that around $1 trillion would be lost to the global economy over the year, and the International Monetary Fund (IMF) and World Bank arranged for a multi-billion dollar injection of UN-back global funds to be made available to low-income and emerging markets.
read more in news.un.org