Virus crisis torpedoes foreign investment: UN

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GENEVA — Global foreign direct investment flows are likely to plunge by 40 percent this year due to the coronavirus crisis, the UN said Tuesday, with worse expected in 2021.

FDI will shrivel from its 2019 value of $1.54 trillion to below $1 trillion for the first time since 2005, said the United Nations Conference on Trade and Development.

"The shock will be further compounded by the impact on food security as production of major food items is concentrated in a few big countries where the pandemic is expanding," he said.FDI CAN LEAD 'RECOVERY' Those countries cannot turn to direct sea transport -- the mode that carries an estimated 80 percent of global trade, said UNCTAD.

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