COVID-19: What you need to know about the coronavirus pandemic on 31 July – World Economic Forum

Confirmed cases of COVID-19 have risen to more than 17.3 million around the world, according to Johns Hopkins University of Medicine. The number of confirmed deaths now stands at more than 673,000.

Preliminary data shows the French economy contracted by 13.8% in the second quarter. Household consumption, company investment and trade were all hit by the nationwide lockdown.

Social distancing has pushed flu infection rates to record lows, according to early figures. The data suggests measures to tackle coronavirus are having an impact on other communicable diseases.

The UK has tightened lockdowns in some Northern areas, including Greater Manchester. The move is targeted at areas where transmission rates are increasing.

Florida and Arizona have both reported record increases in COVID-19 deaths. The US epicentre is also showing signs of shifting to the Midwest.

Global cases have gone past 17 million.

Image: Our World in Data

The crisis threatens to "destroy the livelihoods" of the region's 218 million informal workers, said a policy brief released yesterday. This puts decades of poverty reduction at risk.

Remittances from Southeast Asians working abroad are set to fall by 13% - or $10 billion - while the regional economy is expected to contract by 0.4% this year.

Governments should boost social welfare payments and prioritize higher health spending, said Armida Salsiah Alisjahbana, head of the U.N. Economic and Social Commission for Asia and the Pacific.

The first global pandemic in more than 100 years, COVID-19 has spread throughout the world at an unprecedented speed. At the time of writing, 4.5 million cases have been confirmed and more than 300,000 people have died due to the virus.

As countries seek to recover, some of the more long-term economic, business, environmental, societal and technological challenges and opportunities are just beginning to become visible.

To help all stakeholders communities, governments, businesses and individuals understand the emerging risks and follow-on effects generated by the impact of the coronavirus pandemic, the World Economic Forum, in collaboration with Marsh and McLennan and Zurich Insurance Group, has launched its COVID-19 Risks Outlook: A Preliminary Mapping and its Implications - a companion for decision-makers, building on the Forums annual Global Risks Report.

The report reveals that the economic impact of COVID-19 is dominating companies risks perceptions.

Companies are invited to join the Forums work to help manage the identified emerging risks of COVID-19 across industries to shape a better future. Read the full COVID-19 Risks Outlook: A Preliminary Mapping and its Implications report here, and our impact story with further information.

A Reuters poll of over 500 economists suggests the outlook for the global economy has grown more pessimistic.

The still-rising number of infections and the risk of fresh lockdowns is putting any potential rebound at risk.

We expect the economic reality of the virus to start catching up with businesses across the globe soon, said Jan Lambregts, global head financial markets research at Rabobank.

What we need is a vaccine or significant breakthroughs in medicines to decisively reopen our economies and restore business and consumer confidence but there is no magic wand for the time being.

The poll expects the global economy to shrink by 4% this year - down from the 3.7% forecast in June.

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COVID-19: What you need to know about the coronavirus pandemic on 31 July - World Economic Forum