KUALA LUMPUR, May 15 — The global economy could suffer between US$5.8 trillion and US$8.8 trillion in losses, equivalent to 6.4 per cent to 9.7 per cent of global gross domestic product as a result of Covid-19, according to a new report released by the Asian Development Bank (ADB). The Updated...
Mannequins are seen inside a closed luxury store on 5th Avenue, during the outbreak of the coronavirus disease , in Manhattan, New York city, New York, US, May 11, 2020. — Reuters pic
It noted that governments around the world have been quick in responding to the impacts of the pandemic, implementing measures such as fiscal and monetary easing, increased health spending, and direct support to cover losses in incomes and revenues. In addition to shocks to tourism, consumption, investment, and trade and production linkages covered in the Asian Development Outlook 2020 estimates, the new report includes transmission channels such as the increase in trade costs affecting mobility, tourism, and other industries; supply-side disruptions that adversely affected output and investment; and government policy responses that mitigated the effects of Covid-19’s global economic impact.
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