Covid-19 crisis could leave $8.8 trillion hole in global economy, Asian Development Bank warns
Covid-19 crisis could leave .8 trillion hole in global economy, Asian Development Bank warns
The coronavirus pandemic could chop nearly 10 percent off global gross domestic product (GDP), the Asian Development Bank (ADB) predicts, more than doubling its previous forecast.
The global economy could suffer between $5.8 trillion and $8.8 trillion in losses, the equivalent of between 6.4 percent and 9.7 percent of global GDP, the report published on Friday said. This is much worse than the Manila-based bank predicted in April, when it said that the Covid-19 global cost could range between $2 trillion and $4.1 trillion.
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