The Asian Development Bank said yesterday that the global economic losses resulting from the outbreak of the Corona virus emerging (Covid 19) have ranged between 5.8 trillion and 8.8 trillion dollars this year, more than double its previous estimates.
The prediction issued by the Asian Development Bank, which is equivalent to between 6.4% and 9.7% of global GDP, is worse than its estimates issued in April 2020, when he said that the global economy may suffer losses ranging between two trillion dollars and 4.1 trillion dollars , Which depends on how long the containment measures will 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 minimum limit assumes that it will continue for three months.
After the health crisis caused an almost complete halt to the economy of China, where the virus appeared, several countries and regions announced a rise in injuries and deaths, leading to a widespread travel ban and orders to stay at home.
The bank said that measures to contain proliferation could 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.
The Asian Development Bank stated that travel restrictions and general isolation measures will likely reduce global trade by between 1.7 trillion and 2.6 trillion dollars, and will lift between 158 and 242 million people out of the workforce.
Travel restrictions and isolation procedures
This year, global trade will drop by between 1.7 trillion and 2.6 trillion dollars.