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International

#Coronavirus 'could cost global economy $8.8tn' says #ADB

17:25, Friday, 15 May, 2020
#Coronavirus 'could cost global economy $8.8tn' says #ADB

The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.7tn-£7.1tn), according to Asian Development Bank (ADB).

That's more than double last month's prediction and equates to 6.4%-9.7% of the world's economic output.
     It comes as measures to slow the spread of Covid-19 continue to paralyse economic activity around the world.
     Globally authorities have taken aggressive action to cushion their economies from the outbreak's impact.
     "This new analysis presents a broad picture of the very significant potential economic impact of Covid-19," the ADB's chief economist Yasuyuki Sawada said.
     "It also highlights the important role policy interventions can play to help mitigate damage to economies," he added.

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