ECONOMIC COST OF THE COVID PANDEMIC
COVID-COST: Over $13 TRILLION spent to combat the pandemic
A Journal of People report
Global leaders have committed trillions of dollars to battle the Covid-19/coronavirus pandemic and support the global economy, Japanese business newspaper Nikkei reported in December, citing its experts.
According to estimates, the total amount up to December has exceeded $13 trillion across the world. It includes the $900 billion stimulus package, which was passed by the U.S. Congress this week.
The adoption of additional programs to stimulate the global economy has sent public debt skyrocketing in the world’s leading countries, said the report. Experts project it will reach 125 percent of their total GDP in 2021.
International organizations have all been warning that the global economy will not return to pre-pandemic levels ‘for a long time.’ According to the United Nations, it will contract by 5.6 percent this year as more and more countries have plunged into recession due to the coronavirus crisis. The UN also said that another 207 million people could be driven into extreme poverty by the severe long-term impact of the pandemic, bringing the total number to more than one billion by 2030.