S&P: Asia-Pacific income loss likely at US$620bil

“We believe measures to contain Covid-19 have pushed the global economy into recession and could cause a surge of defaults among non-financial corporate borrowers. As the situation evolves, we will update our assumptions and estimates accordingly, ” S&P said.

PETALING JAYA: The total and permanent income loss for Asia-Pacific stemming from Covid-19 is estimated at US$620bil, according to S&P Global Ratings in an updated estimates report.

The income loss will be distributed across sovereign, bank, corporate and household balance sheets.