The coronavirus pandemic could cost the global economy nearly $4.1 trillion, almost 5% of the global GDP, the Asian Development Bank (ADB) warned.
‘The estimated impact could be an underestimate, as additional channels such as…possible social and financial crises, and long-term effects on health care and education are excluded from the analysis.’ ADB said.
The Manila-based organisation said that a shorter containment period could trim these losses to $2 trillion or 2.3% of the world’s output. Developing Asia, including China, accounts for almost 36% of the pandemic’s total cost, it added.
In its latest report, the ADB said the figure amounted to nearly 5% of worldwide economic output, based on the health emergency lasting 6 months or more.