The coronavirus pandemic could cut up to 9.7 percent off the global economy, the Asian Development Bank said Friday, doubling its previous ...
Up to 242 million jobs will be lost due to the virus that has battered the world economy, the Asian Development Bank said. MANILA: COVID-19 could cut up to 9.7 per cent off the global economy, the Asian Development Bank said Friday , doubling its previous estimate as the virus stifles trade and leaves millions jobless.
The coronavirus has killed 300,140 people worldwide, according to an AFP tally based on official sources.The World Health Organization has said the virus may become just another endemic virus in communities and populations will have to learn to live with it. To stem the economic losses, governments have announced a range of stimulus measures such as payroll support to keep jobs, cash transfers and tax breaks.The bank noted the United States stands to lose up to US$2.2 trillion or a tenth of its GDP while losses in China, where the virus first surfaced, could top US$1.6 trillion or 11 per cent of its economy.
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