EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Friday, January 27, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

COVID-19 impact could cost global economy US$8.8 tril – ADB

by moneycompass
May 18, 2020
in Global Market News
Asia's growth, Asian Development Bank (ADB), developing Asia
Share on FacebookShare on WhatsApp

MANILA, PHILIPPINES, 15 May 2020 – The global economy could suffer between US$5.8 trillion and US$8.8 trillion in losses, equivalent to 6.4 percent to 9.7 percent of global Gross Domestic Product as a result of COVID-19, according to a new report released by the Asian Development Bank (ADB).

The Updated Assessment of the Potential Economic Impact of COVID-19 report by ADB discovered that economic losses in Asia and the Pacific could range from US$1.7 trillion under a short containment scenario of three months to US$2.5 trillion under a long containment scenario of six months, with the region accounting for about 30 percent of the overall decline in global output.

It noted that governments around the world have been quick in responding to the impacts of the pandemic, implementing measures such as fiscal and monetary easing, increased health spending, and direct support to cover losses in incomes and revenues.

“Sustained efforts from governments focused on these measures could soften COVID-19’s economic impact by as much as 30 percent to 40 percent. This could reduce global economic losses due to the pandemic to between US$4.1 trillion and US$5.4 trillion,” ADB chief economist Yasuyuki Sawada said in a statement today.

The analysis, which uses a Global Trade Analysis Project-computable general equilibrium model, covers 96 outbreak-affected economies with over four million COVID-19 cases.

In addition to shocks to tourism, consumption, investment, and trade and production linkages covered in the Asian Development Outlook 2020 estimates, the new report includes transmission channels such as the increase in trade costs affecting mobility, tourism, and other industries; supply-side disruptions that adversely affected output and investment; and government policy responses that mitigated the effects of COVID-19’s global economic impact.

Under the short and long containment scenarios, the report notes that border closures, travel restrictions, and lockdowns that outbreak-affected economies implemented to arrest the spread of COVID-19 will likely cut global trade by US$1.7 trillion to US$2.6 trillion.

“Governments should manage supply chain disruptions; support and deepen e-commerce and logistics for the delivery of goods and services; and fund temporary social protection measures, unemployment subsidies, and the distribution of essential commodities – particularly food – to prevent sharper falls in consumption,” Yasuyuki added.

On global employment, he said it would decline to between 158 million and 242 million jobs, with Asia and the Pacific comprising 70 percent of total employment losses.

Labour income around the world will decline by US$1.2 trillion to US$1.8 trillion, 30 percent of which will be felt by economies in the region, or between US$359 billion and US$550 billion.

Besides increasing health spending and strengthening health systems, strong income and employment protection are essential to avoid a more difficult and prolonged economic recovery.

– Bernama

 

Read more: How COVID-19 continues to shift e-commerce trends

Tags: Asian Development Bank (ADB)Asian EconomyCovid-19
ShareSendShareSendTweetShare
Previous Post

Communications and multimedia industry market cap hits RM144.01b in 2019

Next Post

Taiwan Futures Exchange, Bursa Malaysia Derivatives sign MOU

Related Posts

Global Market News

Kenanga: The Fed’s massive interest rate rise may continue to put pressure on the ringgit

09 Nov 2022
Global Market News

The ringgit opens higher on the prospect of China reopening, as markets rallied

09 Nov 2022
Ringgit/USdollar
Global Market News

Ringgit opens lower versus the US dollar

11 Oct 2022

Discussion about this post

MOST POPULAR

  • The 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022 saw Bank Negara Malaysia's (BNM) governor talk about the ringgit's status.

    Malaysian ringgit ranked as cheapest currency in region

    0 shares
    Share 0 Tweet 0
  • Malaysia’s future growth plans in ASEAN’s digital economy – MGBF

    0 shares
    Share 0 Tweet 0
  • How to Start Trading on the Malaysian Stock Market

    5 shares
    Share 5 Tweet 0
  • Kenanga Research foresees slow 5G adoption

    0 shares
    Share 0 Tweet 0
  • FORTUNE RELEASES ANNUAL FORTUNE GLOBAL 500 LIST

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER