According to figures released by the World Health Organization, the 2019 coronavirus pandemic has claimed 340,000 lives and more than 5.4 million cases worldwide. Unless action is taken now, projections indicate that in the next two years, the epidemic may cost the global economy nearly US $ 8.5 trillion, and 34.3 million people will fall into extreme poverty this year. Put 130 million people into extreme poverty.
The ILO predicts that global working hours will be reduced by 10.5% in the second quarter of 2020 compared with before the crisis, which is equivalent to 305 million full-time jobs.
Research shows that the decline in exports and growth is rapidly damaging the debt sustainability of many developing countries, especially those that rely heavily on commodities, tourism income or remittances. The growing debt crisis has posed a huge challenge to these countries, further limiting their ability to implement stimulus measures. Before the outbreak of the 2019 coronavirus pandemic, almost half of the least developed countries and other low-income countries have fallen into or are close to debt. Between 2000 and 2019, the cost of debt servicing in these countries more than doubled, reaching 13% of government revenue, and a quarter of small island developing States reached more than 40%.
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