Coronavirus could cost global economy nearly $9T

The report highlighted that global economic activity has been damaged considerably

global economy

Coronavirus could cost global economy nearly $9T. Source: flickr.com

According to LearnBonds, the coronavirus pandemic could cost the global economy more than $8.8 trillion.

The Asian Development Bank (ADB) reveals that this forecast more than doubles compared to March and equals to 6.4%-9.7% of the world’s economic output.

This new analysis presents a broad picture of the very significant potential economic impact of COVID-19. It also highlights the important role policy interventions can play to help mitigate damage to economies
Yasuyuki Sawada, the ADB’s chief economist 

The data unveiled that different central banks worldwide have cut interest rates and introduced out massive stimulus measures to help combat the COVID-19.

Along with that, the UK government’s efforts to combat the coronavirus pandemic have risen to £123.2 billion.

At the same time, the UN Department of Economic and Social Affairs predicts that the world economy is set to drop by 3.2% with losses in the output of up to $8.5 trillion in 2020 and 2021.

We’ve reported that the UK’s economy sectors have been seriously impacted due to the pandemic, causing permanent damage to the economy.

The report highlighted that the combination of Brexit and the Government’s efforts to stop the virus’ spread both contributed to the steep fall of the UK GDP. According to data, it is anticipated to fall -8.3% this year.

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