The Asian Development Bank has estimated global economic losses caused by the Corona pandemic, between 5.8 trillion and 8.8 trillion dollars this year, more than double its previous estimate, while the measures to contain the virus paralyze economies.
The Asian Development Bank expected in April that the global economy would suffer losses ranging from $2 trillion to $4.1 trillion, depending on the length of time that containment measures would remain in effect.
The bank indicated that the upper limit of the scope assumes that the restrictions imposed on movement and companies will continue for six months, while the lower limit assumes that it will continue for three months.
After the health crisis caused an almost complete halt to China’s economy, as the virus appeared in December, in the first quarter of 2020, several countries and regions announced a rise in Corona cases and deaths, leading to a widespread travel ban and orders to stay at home.
According to the bank, measures to contain proliferation may cause economic losses ranging from 1.7 trillion to 2.6 trillion dollars in Asia, and between 1.1 trillion and 1.6 trillion dollars in China. It also revealed that travel restrictions and public exclusion measures would likely reduce global trade by between 1.7 trillion and 2.6 trillion dollars, and would leave between 158 and 242 million people out of the workforce.
Source (Al-Arabiya.net website, Edited)
