The estimated losses to global businesses because of the coronavirus

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Global losses of small and medium enterprises (SMEs) will be at least 126 billion in 2020. About the calculations described in the report “Prospects for the competitiveness of SMEs”, International trade centre (ITC).

Pandemic coronavirus led to the destruction of supply chains around the world and had a devastating effect on trade. In the first month of the epidemic, more than 55 percent of small and medium enterprises worldwide felt the effect of the coronavirus. Most of the losses incurred and the services sector. The SME sector around the world was affected by restrictions in the United States, China and the EU, which from the point of view of the supply chain tied up 63% of global imports and 64 percent of exports.

Because of the excellent factories in the United States, the European Union and China billions of dollars in losses are expected not only to enterprises in these countries but also business in developing economies. For example, African SMEs operating in the export, will lose more than $ 2.4 billion, of which 70 percent are caused by restrictions in the EU.

In may, the Asian development Bank (ADB) has predicted the global economy a loss of up to 8.8 trillion dollars in 2020. If the business activity will recover in three months, the loss will reach 5.8 trillion dollars.

Video, photo All from Russia.

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