The Asian Development Bank has stated that growth in Asia is expected to rebound next year following a significant drop in 2020 due to the Coronavirus (COVID-19), according to an article from Asia Briefing.
In global terms, according to the gloomiest scenario presented by the bank, the impact of the “worst pandemic in a century” will be as high as US$4.1 trillion, or 4.8 percent of global gross domestic product (GDP). However, even this forecast could turn out worse given the impact of the outbreak on global supply chains and how long it will take to contain the virus.
While the higher forecast reflects the spread of the infection to Europe, the US, and other major economies, on the low end, the global cost could be US$2 trillion if demand shocks are smaller and containment periods shorten, it says.
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