Covid-19: ADB doubles estimates of global economic losses

The ADB said the upper end of the range assumed curbs on movement and businesses lasting six months, while the bottom end assumed they would last three months. - Bloomberg

MANILA (Reuters): Global economic losses caused by the coronavirus pandemic could be between US$5.8 trillion and US$8.8 trillion this year, the Asian Development Bank said on Friday (May 15), more than double its earlier estimates as containment measures paralyse economies.

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 US$2.0 trillion and US$4.1 trillion in losses, depending on how long containment measures were in place.