Coronavirus could cost world $1 trillion

Coronavirus could cost world $1 trillion

Oxford Economics analysts believes the novel coronavirus turning pandemic could wipe out $1.1 trillion from the world economy.

That would be the economic price tag for a spike in workplace absenteeism, lower productivity, sliding travel, disrupted supply chains and reduced trade and investment, Time reported.

Thus, full-year GDP would fall 1.3% below Oxford Economics' baseline, erasing $1.1 trillion in previously expected economic growth.

Coronavirus has killed more than 2,700 people and infected more than 80,000 as of Tuesday morning. At least 40 deaths have been reported outside of mainland China, and cases have been confirmed in at least 37 countries.