Study says outbreak cost global consumption a German GDP

10 (Xinhua) — The global consumption losses caused by the new coronavirus pandemic are equivalent to that of a German GDP, but the recession has also led to the biggest drop in greenhouse gas emissions in history, a study suggests. This is the first study to quantify global economic losses and environmental benefits from the new coronavirus, according to a study led by the University of Sydney.

Study says outbreak cost global consumption a German GDP

Using real-time data collected before May 22, the report produced some startling statistics: global consumption fell by $3.8 trillion, lost 147 million jobs, accounted for 4.2 percent of the global workforce, and about $2.1 trillion in revenue evaporated.

Study says outbreak cost global consumption a German GDP

The United States and China are the two most affected economies, while air transport and tourism are the most affected sectors. At the same time, greenhouse gas emissions have fallen by the most since the burning of fossil fuels began hundreds of years ago, reducing deaths from air pollution.

Study says outbreak cost global consumption a German GDP