Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
football10 hours ago
Losses to the global economy consequent to the crippling Covid-19 lockdown will be between $5.8 trillion and $8.8 trillion this year, the Asian Development Bank said on Friday.
The forecast by ADB is grimmer as it is more than double its earlier estimates as the Great Lockdown across the globe to combat the spread of the epidemic appears to persist for a protracted period than initially forecast.
The ADB's forecast, equal to 6.4 per cent to 9.7 per cent of global gross domestic product, was worse than projections in April when it said the global economy could suffer between $2.0 trillion and $4.1 trillion in losses, depending on how long containment measures were in place.
"This new analysis presents a broad picture of the very significant potential economic impact of COVID-19," said ADB Chief Economist Yasuyuki Sawada. "It also highlights the important role policy interventions can play to help mitigate damage to economies."
ADB's estimate of the epidemic-inflicted worldwide economic damage resonates with the forecasts made by the International Monetary Fund and the United Nations.
"The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9.0 trillion dollars, greater than the economies of Japan and Germany, combined," said Gita Gopinath, chief economist of the IMF.
"Assuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains, we project global growth in 2021 to rebound to 5.8 per cent," said Gopinath.
UN World Economic Situation and Prospects update echoes the views of both ADB and the IMF.
"The global economy is expected to lose nearly $8.5 trillion in output over the next two years due to the Covid-19 pandemic, wiping out nearly all gains of the previous four years," said UN chief economist Elliott Harris.
"We are now facing the grim reality of a severe recession of a magnitude not seen since the Great Depression," Harris said.
Measures to contain the spread could inflict $1.7 trillion to $2.5 trillion in economic losses in Asia, and between $1.1 trillion and $1.6 trillion in China, the ADB said.
Travel restrictions and lockdowns will likely cut global trade by $1.7 trillion to $2.6 trillion and put between 158 million and 242 million people out of work, the ADB said.
issacjohn@khaleejtimes.com
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
football10 hours ago
Samsung cuts through the flaff with its Galaxy Tab S6 Lite, providing all the essential features you need at an affordable price
tech reviews10 hours ago
The country has several beaches and with that comes countless options to indulge in a hearty breakfast
food10 hours ago
In a touching Instagram post, Bipasha shared adorable pictures of themselves
entertainment10 hours ago
In this opulent saga, Bhansali delves into the world of Basra pearls
entertainment10 hours ago
The news comes just two days after his rape conviction was overturned by the New York Court of Appeals
entertainment10 hours ago
The AFI Life Achievement Award is the highest accolade granted by the American Film Institute
entertainment10 hours ago
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
entertainment10 hours ago