$8.8 Trillion Losses To Global GDP Due To COVID-19 – Free PDF

• The GDP in south Asia will also be lower by 9%-6.0%,
• Mainly reflecting the tight restrictions in place in countries like Bangladesh, India and Pakistan,
• ADB said in is updated assessment of the Potential Economic Impact of Covid-19.
• The People’s Republic of China (PRC) could suffer losses between $1.1 trillion and $1.6 trillion.

DROP IN LABOUR INCOME

• Globally, labour income will drop between $1.2 trillion to $1.8 trillion.
• For Asia, the decline in wage income will range from $359 billion to $550 billion – or about 30% of the global drop in wage income

WHAT COULD BE THE POLICY MEASURE?

• Sustained efforts from governments focused on these measures could soften Covid-19’s economic impact by as  much as 30 to 40%, according to the new report.
• “This could reduce global economic losses due to the pandemic to between $ 4.1 trillion and $5.4 trillion,”  ADB added.
• ADB said that policy makers should work together to quickly limit the pandemic – the longer the containment period, the  more difficult and prolonged the recovery will be.
• “Strong income and employment protection are critical to support the most vulnerable and avoid long-term economic scarring,”

Latest Burning Issues | Free PDF

Sharing is caring!