The COVID-19 Has Caused $3.8 Trillion In Losses To The Global Economy

According to the research report published in the latest international scientific journal PLoS One, scientists from the University of Sydney in Australia have created a detailed global economic model to conduct quantitative research on the impact of the new epidemic for the first time. It is found that the epidemic has caused 3.8 trillion US dollars of global economic losses and 147 million people are unemployed.




According to reports, the research team analyzed the data of 26 industrial sectors in 38 countries and regions, and found that the tourism industry was the most affected by the epidemic. Due to the epidemic situation in Asia, Europe and the United States, flight cancellations and border closures triggered a "economic infection", leading to major disruptions in Global trade, tourism, energy and finance.




According to the research report, the global economic crisis caused by the epidemic situation is largely due to the close economic ties among countries.




The team said the global economic losses will continue to increase in view of the continuation of the epidemic response measures, and the premature removal of these measures may have a more serious impact. However, the epidemic has also had a positive impact on improving the environment, resulting in "the largest reduction in greenhouse gas emissions in human history".




According to the research report, global consumption was hit hard, falling by 4.2%, about $3.8 trillion, equivalent to Germany's GDP. More than 147 million people have lost their jobs and their incomes have decreased by 6%, or US $2.1 trillion. The report pointed out that as the epidemic continues, the follow-up economic shock will affect more people in both quantity and quality, and the gap between the rich and the poor will be further widened.




In addition, the loss of international trade was as high as 21%, or 536 billion US dollars. The International Air Transport Association (IATA) estimates that revenues from the global transport sector may fall by more than 44% from 2019.




Although the epidemic has severely damaged the global economy, it has also had a significant impact on environmental improvement. The team found that greenhouse gas emissions have decreased by 4.6%, or 2.5 gigatons, since the outbreak. PM2.5 decreased by 3.8% and sulfur dioxide by 2.9%.


Dr Arunima Malik, one of the authors of the paper, said the contrast between the economic downturn and environmental improvement highlights the real dilemma facing the world today.


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