The Asian Development Bank warned that ongoing coronavirus outbreak will have a “significant impact on developing Asian economies”, through numerous channels, including “harp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects”.
“There are many uncertainties about COVID-19, including its economic impact,” said ADB Chief Economist Yasuyuki Sawada. “This requires the use of multiple scenarios to provide a clearer picture of potential losses. We hope this analysis can support governments as they prepare clear and decisive responses to mitigate the human and economic impacts of this outbreak.”
In the “worse case” scenario, the world will lose USD 347B or -0.4% of GDP. China will lose USD 237B, or -1.7%B. Developing Asian excluding China will lose USD 42B or -0.5%.
