The coronavirus outbreak could cost the global economy up to $2 trillion this year, the UN's trade and development agency, UNCTAD, said, warning that shock from the epidemic will cause a recession in some countries and depress global annual growth to below 2.5 percent.

The UN agency said that apart from the tragic human consequences of the COVID-19 epidemic, the economic uncertainty it has sparked will likely cost the global economy $1 trillion in 2020.

A preliminary downside scenario sees a $2 trillion shortfall in global income with a $220 billion hit to developing countries (excluding China).

Slowdown of manufacturing in China due to the coronavirus outbreak is disrupting world trade and could result in a $50 billion decrease in exports across global value chains.

UNCTAD's analysis points out that a persistent belief in the soundness of economic fundamentals and a self-correcting world economy continues to hamper policy thinking in the advanced economies. | To read full story, visit https://startuparound.com/read/1583825405.771404/Coronavirus-outbreak-could-cost-global-economy-up-to-$2T:-UNCTAD?ref=audio_experience