Developing nations to lose $800 billion in exports

New Delhi: The economic fallout from the Covid-19 shock is ongoing and increasingly difficult to predict but there are clear indications that things will get much worse for developing economies before they get better, a new report has said.

The report by the United Nations Conference on Trade and Development (UNCTAD) projected that developing countries as a whole (excluding China) will lose nearly $800 billion in terms of export revenue in 2020. "The financial turmoil from this crisis has already triggered sharp currency devaluations in developing countries, which makes servicing their debts and paying for necessary imports for their industrial activity far more onerous," according to the report titled 'The Covid-19 Shock to Developing Countries'.