World economy experts have suggested that the economic impact of coronavirus has been more severe than expected.
Boerge Brende, president of the World Economic Forum, said recovery would only be possible through “coordinated global action”.
He made the comments after the Asian Development Bank predicted that the pandemic would cost the global economy $ 4.1 trillion, or about 5 percent of all economic activity.
The bank, which is a regional lender, said growth in Asia is likely to decline to 2.2 percent in 2020, from 5.2 percent last year.
It also projected annual GDP decline of about 10 percent for the Eurozone.
In an effort to curb the spread of coronavirus, many countries around the world have shut down or reduced the capacity of manufacturing companies. This has also led oil prices to record levels.