In the latest report that followed its economic outlook released in early April, Asian Development Bank (ADB) said on Friday, the coronavirus pandemic is likely to erode nearly $9 trillion off the global GDP.
Key takeaways
“The impact on south Asian gross domestic product (GDP) will be to the tune of $142-218 billion.”
“The global economy could suffer between $5.8 trillion and $8.8 trillion in losses – equivalent to 6.4 percent to 9.7 percent of the global GDP – as a result of the novel coronavirus disease (COVID-19) pandemic.”
“The People’s Republic of China (PRC) could suffer losses between $1.1 trillion and $1.6 trillion.”
“Its new analysis which expects the global impact of $5.8-8.8 trillion is excluding the impact of policy measures.”
“This could reduce global economic losses due to the pandemic to between $4.1 trillion and $5.4 trillion.”
“On the impact on wage incomes due to the pandemics, expects it to fall globally especially in the US, the EU, and the UK.”
“Globally, labour income will drop between $1.2 trillion to $1.8 trillion. For Asia, the decline in wage income will range from $359 billion to $550 billion – or about 30 per cent of the global drop in wage income.”
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