Faced with the epidemic • Trump signed an emergency order, which includes $ 8.3 billion • Meanwhile, Bloomberg estimates that the main hit so far - in China

• The oil gate plunges. Wall Street // Photo: IP

The Corona crisis could lead to a global $ 2.7 trillion in economic damage, according to Bloomberg's calculation. This is an amount equal to the UK's annual product.

Bloomberg estimates that the first quarter of this year will end with global growth of only 1.2% - the lowest since measurements began.

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Bloomberg's analysis shows that most of the slowdown will be recorded in the Chinese economy, at a higher rate than expected. Data released last weekend saw more than 17% drop in exports from China in the first two months of the year, compared with the same period last year. Imports into China have also fallen, at a lower rate of 4%. It is estimated that the current quarter, which ends at the end of the month, will be China's weakest since 1990.

Meanwhile, President Trump signed an emergency order last weekend that includes a special $ 8.3 billion budget for the war in Corona. Trump has warned that the virus could hurt the US economy, but for now the data points to a positive trend, with February's US job data released today showing 273,000 new employees - nearly 40% more than projected. Unemployment rate dropped to 3.5% - low figure The most in 50 years.

Oil prices are low

Under the corona's influence, oil prices plummet to a three-year low. The Organization of Oil Countries (OPEC) and Russia failed to reach agreements on oil production cut, as counterweight to tens of percent drop in oil demand due to corona. As a result, Brent oil price plunged to $ 45.46 a barrel - down 8% since the eruption It is the lowest cost in the last three years.

Twenty-four OPEC countries began to coordinate oil and gas production restrictions over the past three years, in response to a fall in prices. The USSR decided to cut 1.7 million barrels a day, with Saudi Arabia cutting another 400,000 barrels. You will not reach new agreements - they will expire April 1. "This is OPEC's moment of truth," a senior oil industry official told CNBC. "If Russia refuses the arrangement, there is great doubt about the viability of the arrangement."

The failure of talks contributed to another fall in Wall Street's oil stocks on Friday - this time at 10.1%, the sharpest daily decline since October 2014. The Brent oil share, which is the benchmark for oil barrel prices, has lost nearly a third of its value since it peaked last January. , Before the corona eruption. The Dow Jones Industrial Average fell close to 1 percent after recovering in the final minutes of trading day. The other two leading indices, P&S and NASDAQ, recorded sharp declines of close to 2%.