Apart from the tragic human consequences of the COVID-19 coronavirus epidemic, the economic uncertainty it has sparked will likely cost the global economy $1 trillion in 2020, the UN’s trade and development agency, UNCTAD, said on Monday.

This is how much the coronavirus will cost the world's economy, according to the UN:

 The #coronavirus outbreak could cost the global economy up to $2 trillion this year.@UNCTAD is calling on governments to take urgent steps to reduce the economic impact. 


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The plan will suspend the payment of social security contributions (CNSS) and establish a moratorium for the reimbursement of bank credits for the benefit of businesses.

The CVE also set up a technical committee to prepare a guide explaining the terms and conditions for granting the plan’s measures. 

The CVE is set to meet again on Monday, March 23. In the meantime, the members of the committee will monitor the evolution of the economic situation in Morocco. 

The Ministry of Economy stressed that the CVE thoroughly analyzed the expected negative repercussions on numerous sectors of Morocco’s economy. The two sectors most vulnerable to impacts are tourism and textiles, the CVE determined. 

The action plan is set to go into effect on Monday, March 23.

The Moroccan government launched the CVE on Wednesday, March 11, as Morocco recorded its 5th case of COVID-19. 

The new committee will develop measures and mechanisms to closely follow up on the developments of the epidemic and find ways to support the economic sectors directly affected by the global health threat, notably tourism and transport.

The committee, chaired by Minister of Economy Mohamed Benchaaboun, includes members of several ministries and economic institutions.

The monitoring committee includes the Ministries of Interior, Foreign Affairs, Agriculture, Health, Industry, Tourism, and Employment.

It also includes Morocco’s central bank, Bank al-Maghrib, as well as the Professional Group of Moroccan Banks (GPBM); the General Confederation of Moroccan Businesses (CGEM); the Moroccan Federation of Trade, Industry, and Services; and the Moroccan Federation of Handicrafts.

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