World Health Organisation (WHO) defines pandemic as a worldwide spread of a new disease. Currently Corona virus is considered as epidemic. As of WHO data on 27 Feb , 46 countries have recorded confirmed case or cases of Corona virus.
Let’s have look on past pandemic and how it affected regional and/or global economy.
|1918||Spanish flu influenza pandemic||20 million–100 million deaths||GDP loss of 3 percent in Australia, 15 percent in Canada, 17 percent in the United Kingdom, 11 percent in the United States|
|1957||Asian flu influenza pandemic||0.7 million–1.5 million deaths||GDP loss of 3 percent in Canada, Japan, the United Kingdom, and the United States|
|1968||Hong Kong flu influenza pandemic||1 million deaths||US$23 billion–US$26 billion direct and indirect costs in the United States|
|1981||HIV/AIDS pandemic||More than 70 million infections, 36.7 million deaths||2–4 percent annual loss of GDP growth in Africa|
|2003||SARS pandemic||8,098 possible cases, deaths||GDP loss of US$4 billion in Hong Kong SAR, China; US$3 billion–US$6 billion in Canada; and US$5 billion in Singapore|
|2009||Swine flu influenza pandemic||151,700–575,500 deaths||GDP loss of US$1 billion in the Republic of Korea|
|2015||Zika virus pandemic||2,656 reported cases of microcephaly or central nervous system malformation||US$7 billion–US$18 billion loss in Latin America and the Caribbean|
The Corona virus pandemic may heart Global economy badly .Oxford economic have outlined two possible scenarios based on Oxford Global Economic Model: a) the pandemic is limited to Asia, and world GDP falls $0.4tn (0.5%) in 2020 b) In a global pandemic, it drops $1.1tn (1.3%).
Oxford economic in forecast said, In 2020 global growth will slow to just 2.3%, its weakest since 2009 .