ADB "Global Economic Loss Due to COVID-19 Expected to Reach Up to 5000 Trillion Won"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The Asian Development Bank (ADB) has released a forecast report estimating that the global economy could suffer losses of up to 5,000 trillion won due to the COVID-19 pandemic.

In the '2020 Asia Regional Economic Outlook' report released on the 3rd (local time in the Philippines), ADB projected that the global economic loss caused by COVID-19 could range from approximately 2 trillion USD (about 2,472 trillion won) to 4.1 trillion USD (about 5,067 trillion won).

This corresponds to about 2.3% to 4.8% of the world's annual Gross Domestic Product (GDP).

ADB explained that this projection reflects the fact that the spread of COVID-19, which initially remained in some Asian countries including China during the period, expanded globally, leading countries to implement strict quarantine and movement restriction measures.

Previously, in a report released on the 6th of last month, ADB estimated the global economic loss due to COVID-19 at up to 347 billion USD (about 414 trillion won).

ADB forecasted a 2.2% growth rate for its 46 member countries this year. Among the members, China, the largest economy, is expected to grow by 2.3% this year. China's growth rate last year was 6.1%.