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United Nations, Apr 2: The global economy could shrink by up to one per cent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 per cent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses.

The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt.

"Millions of workers in these countries are facing the bleak prospect of losing their jobs. Governments are considering and rolling out large stimulus packages to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession. In the worst-case scenario, the world economy could contract by 0.9 per cent in 2020," the DESA said, adding that the world economy had contracted by 1.7 per cent during the global financial crisis in 2009.

It added that the contraction could be even higher if governments fail to provide income support and help boost consumer spending.

The analysis noted that before the outbreak of the COVID-19, world output was expected to expand at a modest pace of 2.5 per cent in 2020, as reported in the World Economic Situation and Prospects 2020.

Taking into account rapidly changing economic conditions, the UN DESA's World Economic Forecasting Model has estimated best and worst-case scenarios for global growth in 2020.

In the best-case scenario with moderate declines in private consumption, investment and exports and offsetting increases in government spending in the G-7 countries and China global growth would fall to 1.2 per cent in 2020.

"In the worst-case scenario, the global output would contract by 0.9 per cent instead of growing by 2.5 per cent in 2020," it said, adding that the scenario is based on demand-side shocks of different magnitudes to China, Japan, South Korea, the US and the EU, as well as an oil price decline of 50 per cent against our baseline of USD 61 per barrel.

The severity of the economic impact will largely depend on two factors - the duration of restrictions on the movement of people and economic activities in major economies; and the actual size and efficacy of fiscal responses to the crisis.

A well-designed fiscal stimulus package, prioritising health spending to contain the spread of the virus and providing income support to households most affected by the pandemic would help to minimise the likelihood of a deep economic recession, it said.

According to the forecast, lockdowns in Europe and North America are hitting the service sector hard, particularly industries that involve physical interactions such as retail trade, leisure and hospitality, recreation and transportation services. Collectively, such industries account for more than a quarter of all jobs in these economies.

The DESA said as businesses lose revenue, unemployment is likely to increase sharply, transforming a supply-side shock to a wider demand-side shock for the economy.

Against this backdrop, the UN-DESA is joining a chorus of voices across the UN system calling for well-designed fiscal stimulus packages which prioritize health spending and support households most affected by the pandemic.

Urgent and bold policy measures are needed, not only to contain the pandemic and save lives, but also to protect the most vulnerable in our societies from economic ruin and to sustain economic growth and financial stability, Under-Secretary-General for Economic and Social Affairs Liu Zhenmin said.

The analysis also warns that the adverse effects of prolonged economic restrictions in developed economies will soon spill over to developing countries via trade and investment channels.

A sharp decline in consumer spending in the European Union and the United States will reduce imports of consumer goods from developing countries.

Developing countries, particularly those dependent on tourism and commodity exports, face heightened economic risks. Global manufacturing production could contract significantly, and the plummeting number of travellers is likely to hurt the tourism sector in small island developing States, which employs millions of low-skilled workers, it said.

Meanwhile, the decline in commodity-related revenues and a reversal of capital flows are increasing the likelihood of debt distress for many nations. Governments may be forced to curtail public expenditure at a time when they need to ramp up spending to contain the pandemic and support consumption and investment.

UN Chief Economist and Assistant Secretary-General for Economic Development Elliot Harris said the collective goal must be a resilient recovery which puts the planet back on a sustainable track. We must not lose sight how it is affecting the most vulnerable population and what that means for sustainable development, he said.

The alarms raised by UN-DESA echo another report, released on March 31, in which UN experts issued a broad appeal for a large-scale, coordinated, comprehensive multilateral response amounting to at least 10 per cent of global gross domestic product (GDP).

According to estimates by the Johns Hopkins University, confirmed coronavirus cases across the world now stand at over 932,600 and over 42,000 deaths.

Beijing, Mar 25: Around 5,000 people have signed up for the phase I clinical trial of recombinant novel coronavirus vaccine in Chinese city Wuhan where the virus first emerged late last year.

The recruitment for participants ended this week with nearly 5,000 volunteers signing up for the trial, state-run Beijing News reported on Wednesday.

A single-centre, open and dose-escalation phase I clinical trial for recombinant novel coronavirus vaccine (adenoviral vector) will be tested in healthy adults aged between 18 and 60 years, according to the ChiCTR (China Clinical Trial Register).

The trial, led by experts from the Academy of Military Medical Sciences, gained its approval on March 16 and the research is expected to last half a year.

Requiring at least 108 participants, the trial will be conducted in Wuhan, capital of Hubei province, the region worst-affected by the virus in the country, state-run China Daily reported.

Participants will experience 14-day quarantine restrictions after being vaccinated and their health condition will be recorded every day.

Chinese scientists are hastening the development of COVID-19 vaccines through five approaches --- inactivated vaccines, genetic engineering subunit vaccines, adenovirus vector vaccines, nucleic acid vaccines and vaccines using attenuated influenza virus as vectors.

So far, most teams are expected to complete preclinical research in April and some are moving forward faster, Wang Junzhi, an academician with the Chinese Academy of Engineering said.

Wang noted that research and development of COVID-19 vaccines in China is not slower than foreign counterparts and has been carried out in a scientific, standardised and orderly way.

China has stepped up the process to finalise vaccines to counter COVID-19 after Kaiser Permanente research facility in Seattle and Washington stole the march and began human trials.

China lifted tough restrictions on the Hubei province on Wednesday after a months-long lockdown as the country reported no new domestic cases.

But there were another 47 imported infections from overseas, the National Health Commission said. In total, 474 imported infections have been diagnosed in China -- mostly Chinese nationals returning home.

Nakhon Ratchasima, Feb 9: The Thai soldier who killed at least 20 people and holed up in a mall overnight was shot dead Sunday morning by commandos, ending a near-17-hour ordeal which left dozens wounded and stunned the country.

It was unclear how many people remained trapped inside the Terminal 21 mall in Nakhon Ratchasima -- also known as Korat -- where the gunman held out through the night, armed with assault weapons stolen from his barracks.

Volleys of gunfire rang out as the siege ran into dawn, hours after Thai security services stormed the ground floor and freed scores of stunned, terrified shoppers from a bloody rampage that the gunman -- a junior army officer identified as Sergeant-Major Jakrapanth Thomma -- had relayed via Facebook posts.

"He was shot dead thirty minutes ago" (0200 GMT), chief of the Crime Suppression Division Jirabhob Bhuridej told AFP.

Commandos from elite Thai police units killed the gunman, a police spokesman added, after an operation involving hundreds of security personnel.

"The official death toll is 20 and wounded 42... nine are in surgery," Narinrat Pitchayakamin, a Korat doctor told reporters, revising down an initial death toll of 21.

But it was unclear if there were more victims inside the multi-level complex which was packed with Saturday shoppers when the gunman stormed in.

A fleet of ambulances left the front of the complex and forensic police poured into the grim crime scene, shortly before the gunman's death was confirmed.

The night was peppered with heavy exchanges of gunfire and sporadic evacuations.

A police officer who took part in a raid to flush out the gunman died, according to deputy prime minister Anutin Charnvirakul. "He had been hit and unfortunately, he couldn't make it," said Anutin.

Shocked evacuees recounted how an ordinary Saturday shopping day at the busy mall descended into horror as the gunman entered.

"It was like a dream... I'm grateful I survived," Sottiyanee Unchalee, 48, told AFP, explaining she hid in the toilet of a gym inside the mall as she heard the gunfire.

"I'm so sorry for those who died... (and) the people still trapped inside."

Stolen weapons

Jakrapanth relayed his shooting spree through Facebook posts which charted the attack from the army barracks in the city to the mall, where an unknown number of shoppers remained trapped.

A volunteer rescue worker recounted a bloody scene of horror after his team carried four corpses to the hospital.

"I've never seen anything like this," Peerapong Chatadee told AFP.

"I just feel so sad. He is a soldier, he should not have fired at unarmed people."

The bloodshed began Saturday afternoon when Jakrapanth shot three people -- among them at least one soldier -- at a senior officer's house and then at the nearby army barracks, before driving an army vehicle to the town centre.

There the gunman used weapons stolen from the military arsenal to unleash carnage in the town centre.

He "used a machine gun and shot innocent victims resulting in many injured and dead", said police spokesman Krissana Pattanacharoen.

Throughout the day, Jakrapanth posted images of himself and wrote several posts on his Facebook page as the attack unfolded.

In one Facebook video -- since deleted -- the assailant, wearing an army helmet, filmed from an open-top jeep, saying, "I'm tired... I can't pull my finger anymore" as he made a trigger symbol with his hand.

There were also photos of a man in a ski mask holding up a pistol.

A Facebook spokesperson said: "We have removed the gunman's accounts from our services and will work around the clock to remove any violating content related to this attack as soon as we become aware of it."

The city is home to one of the largest barracks in Thailand, a country where the military is enmeshed in politics and society.

The nation also has one of the highest rates of gun ownership in the world, and several shootings at courthouses last year renewed concern about gun violence.