Asian Development Bank: Coronavirus could cost global economy $8.8trn

Report from the Asian Development Bank

The coronavirus pandemic could cost the global economy as much as $8.8trn (£7trn) in losses, or 9.7% of global gross domestic product (GDP), the Asian Development Bank (ADB) has predicted.

The forecast was predicated on a long containment period - or the time from when an outbreak intensifies in each country to when economic activity begins to normalise - scenario of six months. Under a shorter, three-month containment period, the losses to the global economy would likely come in at $5.8trn, or 6.4% of global GDP. Market Movers Blog: Covid-19 bond market expected to reach $100bn in 2020 The figures have been revised upwards from the $2trn to $4.1trn range the ADB estimated in its Asian Development Outlook report in early April. However, governments and central ban...