UN: global economic losses last year amounted to 4.3%

Global GDP fell about 4.3% last year under the impact of the pandemic, marking the sharpest decline in global output since the Great Depression. By comparison, during the 2009 crisis the decline was 1.7 percent. This data was cited by the UN in its report on the state and prospects of the global economy. The volume of global trade last year declined by 7.6%, which was the result of large-scale failures in supply chains. A sharp deterioration in the tourism industry also had a negative impact on this figure. According to the UN, developed countries that have imposed strict quarantine were the hardest hit by the spread of the coronavirus, with their production falling by 5.6%. This year, the organization expects moderate economic growth, which it predicts will be 4.7%. A recurrence of the coronavirus outbreak in the third quarter of last year reduced the chances of a of a swift recovery.