The cost of the crown pandemic could be as high as $4.1 Katherine, or nearly 5% of global gross domestic product, according to the spread of the disease across Europe, the US and other major economies, said the Asian Development Bank of development. A shorter retention period has been the damage to $2Trn, or 2.3% of world production, limit the lender based in Manila, he said in its report Asian Development Outlook released Friday. The development in Asia, including China, makes as much as 36% of the total cost of the pandemic, he said. “No one can tell to what extent the Covid-19 pandemic can spread and containment may require more time than currently expected,” Yasuyuki Sawada, the head of ADB economist said in the report. “The possibility of severe turbulence on the financial and economic crisis can not be ruled out.” On 6 March, the ADB said that the epidemic of viruses could cost the world economy $347 billion dollars, and cut the rate of global growth up to 0.4 percentage points, since then, the epicenter of the virus from China to Europe has moved and the United States, with the number of global infections now topping 1 million. The new estimate will be released on Friday considered the immediate impact on tourism, consumption and investment, Sawada said in an interview with Bloomberg TV Haslinda Amin and Yvonne Man. The cost could further increase if there are supply disruptions, he said . In the report, the ADB cut its 2020 growth forecasts for Asia to 2.2% from 5.5% estimated in September last year. Forecast of China has been lowered to 2.3% from 6%, compared with growth of 6.1% last year. All Asian provinces will see growth this year, the weakest growth, according to the report. Tourism and dependent countries from raw materials, including Thailand by the pandemic “will be most affected,” Sawada said in an interview. If the disease can be contained within three to six months, the economic recovery could be faster, he said. Inflation is likely to accelerate the rising food costs to mitigate any price spikes as a weaker economy and prices of the most soft commodities before falling back in 2021, the ADB said in the report. -With assistance from Anand Menon. Photo copyright by Chris Graythen-Getty Images
Crown pandemic could cost the world $4.1 Katherine
