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$ 346 billion loss expected in global growth
$ 346 billion loss expected in global growth

The restrictions imposed worldwide due to the coronavirus outbreak cause disruptions in production. states to support the producers announced support packages, according to the size of this package is 11 percent of GDP in the US, 1.9 percent in Turkey, while in China is equivalent to 1.2 per cent.

The number of people infected with coronavirus has reached 2 million worldwide, and the total number of deaths has reached 137 thousand. While the G20 countries, which cover the 20 largest economies in the world, constitute 81 percent of the total cases, the measures taken in these countries to spread the epidemic caused great disruption in production. The gross domestic product (GDP) figures on a country basis declined due to production disruptions, while growth expectations also fell. Economic Policy Specialist, who stated that the outbreak will cause a 76 billion dollar loss in domestic products of countries globally at the end of April. Aziz Hatipağaoğlu stated that if the effects of the epidemic on production increase, it may cause greater losses for the global economy. Hatipağaoğlu, who also evaluated the financial support packages announced by the countries, said that the packages announced while comparing between countries are in direct proportion with the extent of the epidemic and that GDP should be taken into consideration.

Stating that the global production economy will be severely affected by the continued prohibition of the epidemic and the sharp decline in domestic demand, Aziz Hatipağaoğlu said, “In-depth research and modeling are being conducted on the impact of corona virus on total production of goods and services in a year on a global basis. While the damage caused by the outbreak in global GDP is expected to reach $ 76 billion at the end of this month, if the restrictions applied due to outbreak measures continue, there will be $ 155 billion at the end of May and $ 346 billion at the end of August. It is vital to prevent the epidemic as soon as possible, to prevent this damage and to prevent the economies of the country from causing any other problems ”.

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