The global economy could shrink almost 1% this year due to the new coronavirus, a sharp reversal from the pre-pandemic forecast of 2.5% growth, the United Nations said Wednesday. The U.N. Department of Economic and Social Affairs warned in a report that the decline could be even deeper if restrictions on economic activities extend into the third quarter of the year and if fiscal stimulus efforts don't support income and consumer spending. “Fears of the exponential spread of the virus — and growing uncertainties about the efficacy of various containment measures — have rocked financial markets worldwide,” the report noted, “with market volatility surpassing its peak during the global financial crisis and equity markets and oil prices plunging to multi-year lows.”
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