UN: Global economy set for 3.2% contraction due to pandemic

The UN projects a 3.2% contraction in global GDP this year due to the COVID-19 pandemic.

Global trade is expected to decline by nearly 15%, disrupting supply chains and causing an $8.5 trillion loss over two years, erasing all gains from the previous four years.

An estimated 34.3 million people will fall into extreme poverty in 2020, with more than half of this increase occurring in African countries.

By 2030, an additional 130 million people may join those living in extreme poverty, hindering global efforts to eradicate extreme poverty and hunger.