Impact of Covid-19 on global economy
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The global economy faces at least $5.5 trillion in lost growth – as much as the annual GDP of Japan – because of the coronavirus pandemic, according to investment bank JPMorgan Chase & Co.
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Cumulative losses by end of 2021

World 7.9%
Developed world 8.6%
United States 11.3%
United Kingdom 7.0%
Emerging economies* 6.7%
Euro area 6.1%
Japan 5.5%

Largest previous falls of world GDP
1920-21: Depression 10%
1919: Post-World War I recession 8%
1931: Great Depression 4.6%
1974-75: Oil shock† 4%
1980-82: Oil shock‡ 5.5%
2009: Financial crisis§ 4.9%
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1930s: Jobless and homeless men wait for free dinners *23 countries including BRICs – Brazil, Russia, India, China – and Mexico, Indonesia, South Korea, Turkey and South Africa
†Arab oil producers institute oil embargo against Israel’s allies during 1973 Arab-Israeli War. ‡Iranian Revolution of 1979 sparks second oil crisis. §Aggregate fall in GDP of 36 OECD countries
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Sources: Bloomberg, JPMorgan, Eurostat, IMF, FEE Picture: Associated Press © GRAPHIC NEWS
  


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