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COVID-19 Has Already Cost Global Economy US$3.8Trn

According to a University of Sydney study, consumption losses caused by the COVID-19 pandemic have amounted to more than US$3.8 trillion, triggering 147 million job losses and the biggest-ever drop in greenhouse gas emissions.

Lost income from wages and salaries has amounted to US$2.1 trillion, representing 6% of the global total.

By country, the study found that the US and mainland China have been hit the hardest. In terms of the sector, air transport and related tourism were affected the most.

“We are experiencing the worst economic shock since the Great Depression, while at the same time we have experienced the greatest drop in greenhouse gas emissions since the burning of fossil fuels began,” said Dr Arunima Malik, Corresponding Author of the study from Integrated Sustainability Analysis in the Faculty of Science and the University of Sydney Business School.

“The contrast between the socio-economic and the environmental variables reveals the dilemma of the global socio-economic system – our study highlights the interconnected nature of international supply chains, with observable global spillover effects across a range of industry sectors, such as manufacturing, tourism and transport.”

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