World economy may lose $8.5 trillion over the next two years

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A major, virtual United Nations conference co-hosted by Prime Minister Justin Trudeau has heard the financial fallout from the COVID-19 pandemic could result in the world economy losing nearly 8.5-trillion-dollars over the next two years.

Leaders were told approximately 34.4 million people could be forced into extreme poverty this year.

Trudeau told the gathering of more than 50 heads of state and government that citizens of the world need to have confidence that international institutions are capable of overcoming global challenges by working together.