ADB: $1,819 Trillion and 242 Million Jobs Lost Due to COVID-19

Damage Scale Doubles Within a Month

[Asia Economy Reporter Naju-seok] The Asian Development Bank (ADB) forecasted on the 15th that the global economy will suffer an astronomical loss of up to $8.8 trillion (18,190 trillion KRW) due to the novel coronavirus infection (COVID-19). The estimated damage has more than doubled in just one month.

In a report released that day, ADB projected that the global economic loss caused by COVID-19 will increase from $5.8 trillion to $8.8 trillion. This corresponds to 6.4% to 9.7% of the world's gross domestic product (GDP).

The trade loss due to COVID-19 is expected to range from $1.7 trillion to $2.6 trillion, and the number of jobs lost is projected to decrease by 158 million to 242 million. Notably, 70% of the employment losses are expected to occur in Asia.

However, ADB noted that the scale of damage could vary depending on how governments respond. The economic loss could be reduced to between $4.1 trillion and $5.4 trillion.

Yasuyuki Sawada, ADB Chief Economist, explained, "The new analysis shows that COVID-19 has a profound impact on the global economy as a whole," adding, "This report demonstrates that the scale of economic damage can vary depending on the response of policymakers."

This content was produced with the assistance of AI translation services.