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Coronavirus pandemic

Global economy's losses from pandemic could reach $8.8 trillion, report says

If economic activity recovers in three months, this figure will be $5.8 trillion, the Asian Development Bank's report stated

© AP Photo/Lee Jin-man

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.

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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.

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Ukrainian Baba Yaga drone found in Moscow office

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New sanctions against Moscow to push supplies of Russian metal to China up — Bloomberg

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Ukraine suffered substantial power generation losses over recent weeks — minister

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Russian foreign ministry blames Paris for death of French mercenaries in Kharkov

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Hamas not to make any concessions on Israeli troops’ withdrawal from Gaza

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US, UK strikes harm Yemeni settlement prospects — Russian mission to UN

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Ukraine actively uses Caesar self-propelled howitzers in Zaporozhye Region — politician

Vladimir Rogov did not specified the amount of Ukrainian equipment

Israel postpones Rafah operation after Iranian attack — CNN

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Deflecting Iran attack cost billions, Israel, US can't repeat it — former UN inspector

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Zelensky irked by US’ request to stop attacking Russian energy infrastructure — media

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US House could consider separate bills on aid to Israel, Ukraine this week — report

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Israel may strike Iranian territory to demonstrate its capabilities — TV

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Russian investors in Belarus interested in logistics, oil refining — minister

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Russia’s UN envoy says IAEA too cautious as it doesn’t name culprit behind attacks on ZNPP

Vasily Nebenzya said Russia was calling on the International Atomic Energy Agency to name the source of attacks

Israel to soon retaliate Iranian attack, no exact date yet — media

The Wall Street Journal did not specify the exact day

Russian paratroopers seize Ukrainian stronghold on tanks, combat vehicles

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Russia open to help resolve situation in Sudan — ambassador

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US reaffirms commitment to defending Japan, including with nuclear weapons

Joe Biden reiterated the unwavering commitment of the United States to the defense of Japan under Article V of the Treaty, using its full range of capabilities

Russians are first to make stratospheric jump onto North Pole — RuVDS

The record has been set by cosmonaut, Hero of Russia Mikhail Kornienko, instructor pilot Alexander Lynnik and founder of the Stratonavtika Aerospace Laboratory Denis Efremov

Ukraine offers to use neighbors' air defense systems to protect its gas storage facilities

According to German Galushchenko, the issue has been discussed, and "everyone is quite positive about it"

EU’s oil import dependency at its highest in 2022 — Eurostat

The dependence on imported crude oil also increased in 2022, reaching 97.6%, the agency noted

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Three violations of the deconfliction protocols of December 9, 2019 linked with the flights by the US-led coalition unmanned aerial vehicles were reported in Syria in the past 24 hours

Official labels Ukrainian claims about Russia hitting nuclear facility 'total lie'

"Undoubtedly, everything that is going on today, carries a direct threat to nuclear safety," Renat Karchaa reiterated

Russia’s UN envoy says statements by West expose Kiev’s responsibility for attacks on ZNPP

"They not only completely gave away Zelensky's regime, but also confessed to their own complicity in these irresponsible bombardments," said Vasily Nebenzya

Iran sought to ‘graduate’ scale of damage during attack on Israel, EU’s Borrell says

According to diplomat, the EU stays in contact with Israel and Iran on this issue

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Europe may soon toughen policy on Ukrainian migrants — expert

Vilde Hernes stressed that the protection permits for Ukrainian migrants contain many restrictions "such as fewer integration measures, less financial assistance, and no path to permanent residency"

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Putin signs decree on spring draft to armed forces

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Israel remains on highest alert as it chooses response to Iran’s attack — senior commander

"Iran will face the consequences for its actions," IDF Chief of Staff Herzi Halevi said

Israel Defense Forces announce planned military drills in country’s north on April 16

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Putin shocked by brutality, cynicism of terrorist attack in Iran - Kremlin

The killing of civilians visiting a cemetery is shocking in its cruelty and cynicism Putin said

French mercenaries operate Caesar howitzers in Ukraine — French reporter

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Russian forces suppress nearly 80% of Ukrainian drones in island zone of Dnieper River

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Iran has no need to buy Russia’s S-400 missile systems — defense minister

Iran’s Bavar-373 long-range mobile air defense system, believed to be an equivalent of Russia's S-300 systems, will become operational by the year-end

West believes Israel may retaliate against Iran as early as April 15 — WSJ

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Russia to furnish advanced Korsar drones with electronic warfare systems

The cutting-edge drone was unveiled during the night rehearsals of the Victory Day parade in Moscow

Iran has warned US that Israeli response would set off harsh retaliation — minister

Iranian Foreign Minister Hossein Amir-Abdollahian made the statement as he spoke by phone with his Chinese counterpart Wang Yi

Russia, Belarus sign aircraft production agreement

The complex of measures (plan) to stimulate Russian investment activity in Belarus was also signed

Russian stock indices rising on Monday — market data

The dollar surged by 0.32% to 93.75 rubles, while the euro edged up by 0.22% to 99.83 rubles

Israel considering retaliatory steps following Iranian attack — top brass

According to Herzi Halevi, the Israeli military was well-prepared for the Iron Shield operation to counter the Iranian attack

US, Europe’s military force insufficient to fight Russia — expert

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Russian forces find coordinates of DPR churches at former Ukrainian positions in Avdeyevka

It was possible to establish that the Ukrainian servicemen were tasked with hitting Orthodox sites in the region aide to the head of the Donetsk People's Republic Igor Kimakovsky said

Russian Armed Forces hit IRIS-T air defense system launcher, Ukrainian ammunition depot

The personnel and equipment of the Ukrainian Armed Forces were also defeated in 129 districts

Russia unaware of any UN Security Council document on Iran — envoy

Malta's permanent representative to the UN Vanessa Frazier told reporters that so far only one country had expressed a desire to prepare a document on Iran

Russian, Israeli security chiefs discuss current escalation in Middle East

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FACTBOX: Water down in Orenburg, Kurgan and Tyumen at risk

More than 15,000 residential houses and over 23,600 garden plots are exposed to the flood in the Orenburg Region

Macron draws distinction between Israeli, Russian Olympic participation

The French leader stressed that Israel was responding to a terrorist attack

Russian forces improve situation along front line in Kupyansk direction

The Russian forces improved the tactical situation in the Avdeyevka direction

Ukraine uses GLSDB munitions to hit city in Zaporozhye Region

The Ground Launched Small Diameter Bomb munitions were developed and are used by NATO countries, said operational services

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