Friday 3 April 2020
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asiaone - 15 days ago

Coronavirus deaths in Italy overtake China as economic damage mounts

LONDON/MILAN - The world s richest nations poured unprecedented aid into the global economy on Thursday (March 19) as coronavirus cases ballooned in the new epicentre Europe, with the number of deaths in Italy outstripping those in mainland China, where the virus originated. With over 242,000 infections and nearly 10,000 deaths, the epidemic has stunned the world and drawn comparisons with painful periods such as World War Two, the 2008 financial crisis and the 1918 Spanish flu. UN chief Antonio Guterres warned that a global recession, perhaps of record dimensions , was a near certainty. This is a moment that demands coordinated, decisive, and innovative policy action from the world s leading economies, Guterres told reporters via a video conference. We are in an unprecedented situation and the normal rules no longer apply. Tourism and airlines have been particularly battered, as the world s citizens hunker down to minimise contact and curb the spread of the highly contagious Covid-19 respiratory illness. But few sectors have been spared by a crisis threatening a lengthy global recession.


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