Coronavirus pandemic may cost world $4 trillion

Dubai - The estimated impact is equivalent to nearly five per cent of worldwide output.

With 240 new coronavirus cases reported on Friday, the highest single-day spike, the total number of cases has risen to 1,264 in the UAE. The Ministry of Health and Prevention said one patient succumbed to the infection, taking the number of fatalities in the country to nine. The deceased is a 52-year old Asian who had a history of kidney disease.

Twelve more patients have made a full recovery. The ministry said 108 people have recovered so far. On Thursday, the ministry reported 210 cases. Some of the new cases had travelled abroad and others had been in contact with other patients and had not followed safe distancing protocols, the ministry said.

The ministry offered condolences to the family of the deceased, and wished others a speedy recovery. The Asian Development Bank said the pandemic could cost the global economy $4.1 trillion as it ravages the United States, Europe and other major economies.

The estimated impact is equivalent to nearly five per cent of worldwide output based on a range of scenarios, but the lender said losses from "the worst pandemic in a century" could be higher.

"The estimated impact could be an underestimate, as additional channels such as...possible social and financial crises, and long-term effects on healthcare and education are excluded from the analysis," the ADB said.

The Manila-based bank said a shorter containment period could pare the losses to $2 trillion.

The crisis has sent equity markets spinning as traders fret over the long-term impact on the world economy, though governments and central banks have stepped in to ease the pain, pledging more than $5 trillion in stimulus and easing monetary policy.