COVID-19 to cost global economy between $5.8tn and $8.8tn

88

The Coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn according to the 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 paralyze economic activity around the world.

Globally authorities have taken aggressive action to cushion their economies from the outbreak’s impact.

The ADB said the top end of the range was based on the assumption that curbs to movement and businesses operating would last six months, while the bottom end assumed the restrictions would remain in place for three months.