Global economy to take $8.8 trillion hit: ADB

Global economy to take $8.8 trillion hit: ADB

Global economy to take $8.8 trillion hit due to coronavirus: ADB. Losses to the global economy consequent to the crippling Covid-19 lockdown will be� between $5.8 trillion and $8.8 trillion this year, the Asian Development Bank said on Friday.. The forecast by ADB is grimmer as it is more than double its earlier estimates as the Great Lockdown across the globe to combat the spread of the epidemic appears to persist for a protracted period than initially forecast.. The ADB's forecast, equal to 6.4 per cent to 9.7 per cent of global gross domestic product, was worse than projections in April when it said the global economy could suffer between $2.0 trillion and $4.1 trillion in losses, depending on how long containment measures were in place.". ADB's estimate of the epidemic-inflicted worldwide economic damage resonates with the forecasts made by the International Monetary Fund and the United Nations.". The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9.0 trillion dollars, greater than the economies of Japan and Germany, combined," said Gita Gopinath, chief economist of the IMF.". Assuming the pandemic fades in the second half of 2020 and that policy actions taken