A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Thursday, February 29, 2024

Coronavirus ‘could cost global economy $8.8tn’

The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.7tn-£7.1tn), according to Asian Development Bank (ADB).

That’s more than double last month’s prediction and equates to 6.4%-9.7% of the world’s economic output.

It comes as measures to slow the spread of Covid-19 continue to paralyse economic activity around the world.

Globally authorities have taken aggressive action to cushion their economies from the outbreak’s impact.

“This new analysis presents a broad picture of the very significant potential economic impact of Covid-19,” the ADB’s chief economist Yasuyuki Sawada said.

“It also highlights the important role policy interventions can play to help mitigate damage to economies,” he added.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

UAE & Turkmenistan expand Economic ties

Turkmenistan's Berdimuhamedow urges UAE collaboration in gas field development....

Crown Prince Appreciates the World Governments Summit Team

The Crown Prince Appreciates the valuable efforts of the...

WTO Promotes Consensus

The final World Trade Organization General Council meeting before...

UK and Azerbaijan celebrate growing bilateral relations

UK PM Rishi Sunak congratulated President Ilham Aliyev on...

World Government Summit brings Global leaders to Dubai

The pre-summit day of the World Governments Summit (WGS)...

HH Shiekh Mohammed bin Rashid Meets Youth

Sheikh Mohammed bin Rashid Al Maktoum met with Arab...

Shiekh Hamdan Bin Zayed Honors Environmental Achievers

His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s...

Princess Kate shares a Message after meeting HM the King

Prince William and Kate Middleton share a Children's Mental...

HM King of Sweden to visit Europe

King Frederik X of Denmark and Queen Mary will...