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Update Economic Impact of COVID-19

Update Economic Impact of COVID-19

Over 1,100,000 cases now recorded outside China accounting for over 93% of global cases. The outbreak of the coronavirus pandemic will negatively impact the economy and erode some gains. Bloomberg estimates that in a pandemic situation, Covid-19 could cost the world economy $2.7 trillion Equivalent to UK’s economy.

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The Issue

Over 1,100,000 cases now recorded outside China accounting for over 93% of global cases.

The outbreak of the coronavirus pandemic will negatively impact the economy and erode some gains.

Bloomberg estimates that in a pandemic situation, Covid-19 could cost the world economy $2.7 trillion Equivalent to UK’s economy.

Developing countries and emerging economies will be significantly impacted without support in the form of development assistance, deft relief & debt restructuring.

There has been multifaceted response from multilateral institutions toward mitigating the economic impact

Multilateral institutions like IMF and the World Bank provide a lifeline for African countries to access funds to combat the virus.

Countries including Ghana have cut rates and announced various monetary policies.

However, we anticipate some positive impacts from current situation.

© 2020 KPMG, a Ghanaian registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

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