Virus to hit global GDP by $12 trillion: Mian Zahid.

KARACHI -- Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said global GDP will take a hit of $12 trillion due to the pandemic during 2020-21.

Developed economies will be able to absorb the shock but poor countries are unable to face it as their income has been compromised by the coronavirus, he said.

Mian Zahid Hussain said that the response of developed nations to the problem is unsatisfactory while that of private creditors is highly unsympathetic.

Talking to the business community, the veteran business leader said that rich nations have extended the duration of repayments but private creditors are unmoved which can fan poverty and conflicts while destabilizing the global economic system.

He said that developed nations have extended repayment of $31 billion of loans but the private creditors of rich nations are not ready to waive loans...