Developing world economies hit hard by coronavirus

The world is experiencing a sharp deterioration in economic performance, due to the continuing coronavirus pandemic.

Developing countries are certain to be hit hard by what the International Monetary Fund, and others, warn will be the worst downturn since the Great Depression of the 1930s.

Almost every country on the planet is being affected. The IMF expects 170 nations - rich and poor - to experience a decline in economic activity per person this year. That means falling average living standards.

Developing economies are being hit in distinctive ways by the pandemic:

Commodity prices

Many are exporters of commodities used by industry. The shutdown of many factories around the world means there is less demand for those commodities, so their prices have fallen, sharply in some cases.

Oil is the starkest example. The loss of demand has been especially severe, as the crisis has led to a massive reduction in demand for transport fuels, more than 90% of which are made from crude oil.

from BBC News - World https://ift.tt/2xJ11HQ
https://ift.tt/eA8V8J https://ift.tt/2xJ11HQ The Covid-19 pandemic is badly damaging developing countries' economies in a number of ways.