LAHORE: As an unprecedented economic damage from the coronavirus crisis also looms large, along with a massive loss to human lives, the $90 trillion global GDP in October 2019 is bound to be affected adversely, and if one goes by American media house Bloomberg’s estimates last month, the pandemic can cost $2.7 trillion to the world business output, which is equivalent to the entire GDP of the United Kingdom. Remember, the global GDP is broken down into three sectors for analysis: agriculture, industry, and services. In 2017, when global GDP was $80 trillion, the breakdown by sector was 65.4% services, 25.5% industry, and 3.42% agriculture. The economic fallout, according to Bloomberg,...
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