Global Cost of Coronavirus Could Reach $4.1 Trillion, ADB Says

Bloomberg

The cost of the coronavirus pandemic could be as high as $4.1 trillion, or almost 5% of global gross domestic product, depending on the disease’s spread through Europe, the U.S. and other major economies, the Asian Development Bank said.


Global Cost of Coronavirus Could Reach $4.1 Trillion, ADB Says

A shorter containment period could limit the damage to $2 trillion, or 2.3% of world output, the Manila-based lender said in its Asian Development Outlook report released Friday. Developing Asia, including China, accounts for 22% to 36% of the pandemic’s total cost, it said.

“No one can say how widely the Covid-19 pandemic may spread, and containment may take longer than currently projected,” Yasuyuki Sawada, the ADB’s chief economist, said in the report. “The possibility of severe financial turmoil and financial crises cannot be discounted.”
On March 6, the ADB estimated the virus outbreak could cost the world economy $347 billion, and cut the global growth rate by as much as 0.4 percentage point. Since then, the epicenter of the virus has shifted from China to Europe and the U.S., with the number of global infections now topping 1 million.
Inflation will likely accelerate on higher food costs, even as weaker economic activity and softer commodity prices mitigate any price spikes, before easing in 2021, the ADB said.

Bloomberg

Các tin, bài viết khác

Đọc nhiều nhất

Quy Nhon International Center for Interdisciplinary Science and Education (ICISE).

Vietnam calls for talented people to work forefront

(Saigon Investment) - One of the most vital tasks of the 13th National Congress of the Communist Party of Vietnam is to find appropriate and most suitable people for respective jobs to support and be part of the national leadership taskforce.