The covid-19 pandemic could cost the global economy as much as $8.8trn (£7trn) in losses, or 9.7% of global GDP, the Asian Development Bank (ADB) has predicted in a report published today. 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 - a scenario of six months. Under a shorter, three-month containment period, the losses to the global economy would likely be closer to $5.8trn, equivalent to 6.4% of global GDP. The figures have been revised upwards from the $2trn ...
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