The world economy could lose US $ 4,100 billion from the Covid-19 epidemic, equivalent to 5% of global GDP.
According to Bloomberg, the Asian Development Bank (ADB) said the loss could be reduced to $ 2,000 billion – equivalent to 2.3% of global GDP – if governments are more aggressive in stopping the big Translate.
ADB said developing countries in Asia and China suffered 22-36% of the global economic losses due to the new strain of corona virus.
Originating in Wuhan City, Hubei Province (China), the Covid-19 epidemic has become a terrible threat to Western and American countries. To date, the number of Covid-19 cases worldwide has reached 1 million, with the number of deaths exceeding 50,000.
In the US alone, the number of corona virus infections exceeded 242,000, and 5,850 died, according to a survey by Johns Hopkins University.
ADB cut its 2020 Asia growth forecast to 2.2% from an estimated 5.5% in September 2019. China’s GPD growth is likely to decline from 6.1% in 2019 to 2.3% this year.
ADB warns economic losses could be much worse in developing countries in Asia.
Yesterday, the US Department of Labor said 6.65 million people applied for unemployment benefits last week because of the impact of the disease. Thus, in just 2 weeks, 10 million Americans fell out of work.
Meanwhile, Spain also recorded the largest number of people who apply for monthly unemployment benefits.