HONG KONG, May 15. /TASS/. Losses of the global economy from the consequences of the coronavirus pandemic in 2020 can range from $5.8 trillion to $8.8 trillion, according to a report released on Friday by the Asian Development Bank.
According to the report, the global economy can suffer losses ranging from $5.8 trillion to $8.8 trillion, which is equivalent to 6.4-9.7% of the global GDP due to the coronavirus pandemic.
Bank experts said that their estimated losses of $8.8 trillion suggest a scenario with a long period of containment of the pandemic, in which restrictions will be in effect for six months. If economic activity recovers in three months, this figure will be $5.8 trillion.
In particular, economic losses in the Asia-Pacific region can vary from $1.7 trillion (a 3-month scenario) to $2.5 trillion (six months). China may suffer losses in the amount of $1.1-1.6 trillion, the report said.
Earlier, in its forecast of April 3, the bank predicted the volume of world economy losses from the COVID-19 pandemic at a level of $2 trillion to $4.1 trillion. The new analysis provides an overview of the very significant potential economic impact of COVID-19, the bank’s Chief Economist Yasuyuki Sawada said, adding that it also highlights the important role of policy measures that can help mitigate the damage to the economy.