A new virus Swine Flu has killed up to 149 people in Mexico and the World Health Organization moved closer on Monday to declaring it the first flu deadly disease in 40 years as more people were infected in the United States and Europe. The WHO raised its pandemic alert level for the swine flu virus to phase 4, indicating a significantly increased risk of a pandemic, a global outbreak of a serious disease. The last such outbreak, a “Hong Kong” flu pandemic in 1968, killed about 1 million people.
Oil prices fell more than 2 percent to trade below $50 a barrel as investors feared a new blow to an already fragile global economy if trade flows are curbed and manufacturing is hit.
World equity market also reacted to the news and went down sharply.
As per our experts estimation world economy may lose $2-3 trillion because of this disease.
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