• Latest
  • Trending
ADB: COVID-19 Economic Impact Could Reach $253 Billion in Southeast Asia

ADB: COVID-19 Economic Impact Could Reach $253 Billion in Southeast Asia

May 16, 2020
Young car enthusiasts spend $7.2 billion a year customizing vehicles

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
Indonesian billionaire family in the crosshairs of corruption reporting

Indonesian billionaire family in the crosshairs of corruption reporting

February 11, 2021
Greenpeace: A threat to national security?

Greenpeace: A threat to national security?

February 10, 2021
Myanmar’s military takes power detains Suu Kyi

Myanmar’s military takes power detains Suu Kyi

February 2, 2021
Top 20 Hottest African Women

Top 20 Hottest African Women

February 2, 2021
How Africa can benefit from the new commodity super cycle

How Africa can benefit from the new commodity super cycle

February 2, 2021
Moving Israel to CENTCOM: Another Step Into the Light

Moving Israel to CENTCOM: Another Step Into the Light

February 2, 2021
Did Donald Trump Successfully Realign U.S. Global Power and Interests?

Did Donald Trump Successfully Realign U.S. Global Power and Interests?

February 2, 2021
Trump gone, Biden here…and Indonesia?

Trump gone, Biden here…and Indonesia?

January 29, 2021
Moscow: The Navalny riots

Moscow: The Navalny riots

January 26, 2021
Dutch PM condemns riots as ‘criminal violence’

Dutch PM condemns riots as ‘criminal violence’

January 26, 2021
Trump the Swamp Terror warns “We will be Back”

Trump the Swamp Terror warns “We will be Back”

January 26, 2021
citizendaily
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports
No Result
View All Result
Thursday, February 25, 2021
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports
No Result
View All Result
citizendaily
No Result
View All Result

ADB: COVID-19 Economic Impact Could Reach $253 Billion in Southeast Asia

Bank says fiscal and monetary responses needed immediately to soften fallout

May 16, 2020
in Asia News, Business, Cambodia, China, COVID-19, Economy, Featured, Health, Indonesia, Japan, Malaysia, Myanmar, News, Northeast Asia, Oceania, Philippines, Politics, Singapore, South Asia, South Korea, Southeast Asia, Taiwan, Thailand, Vietnam, World News
0
Home Asia News
Post Views: 7,148

 

The COVID-19 pandemic threatens to lop off up to a tenth of the global economy, according to a study released Friday by the Asian Development Bank that suggests the disaster is likely to be even more devastating than previously expected.

The ADB, a multilateral lender based in Manila, said on Friday that the virus could cost the global economy between $5.8 trillion and $8.8 trillion, or 6.4% to 9.7% of its total output. The loss estimates are significantly higher than the $2 trillion to $4.1 trillion the ADB predicted on April 3.

Borders have been shut and internal movements severely curtailed after countries around the world adopted at huge economic cost various strategies to inhibit the spread of the coronavirus.

RelatedPosts

Asia Leading Economic Recovery as Western World Still Hunkering Down

IMF’s new policy at odds with green Covid-19 recovery

The Perils of Big COVID Government in Asia

India experiences an economic storm as the coronavirus rages

Asia’s factory pain eases as China’s activity jumps

 

 

Asia-Pacific is expected to account for 30% of the decline in global output, racking up probable losses of between $1.7 trillion to $2.5 trillion in a containment scenario spanning three to six months. That is in the range of 6.2% to 9.3% of GDP, according to the ADB.

China, the world’s second largest economy where the virus first emerged, is on course for losses of between $1.1 trillion and $1.6 trillion (7.5% to 11.2%) of GDP.

“This new analysis presents a broad picture of the very significant potential economic impact of COVID-19,” said Yasuyuki Sawada, the ADB’s chief economist.

Southeast Asia, one of the world’s fastest growing regions when the pandemic struck, could lose between $163 billion and $253 billion (4.6% to 7.2%). The ADB said sustained fiscal and monetary stimuluses might reduce the economic devastation globally by up to 40%.

“The COVID-19 impact under the long containment scenario is large, ” the ADB said. “Thus, policymakers should aim for quick containment at all costs.”

 

Source: NikkeiAsia
Tags: Asian Development Bank (ADB)Coronavirus Economic ImpactsCOVID-19 Economic ImpactSoutheast Asia Economy
Previous Post

Undemarcated boundaries lead India, China border clashes

Next Post

Jeff Bezos could become world’s first trillionaire by 2026

Related Posts

Young car enthusiasts spend $7.2 billion a year customizing vehicles
Asia News

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
Indonesian billionaire family in the crosshairs of corruption reporting
Asia News

Indonesian billionaire family in the crosshairs of corruption reporting

February 11, 2021
Greenpeace: A threat to national security?
Climate Change

Greenpeace: A threat to national security?

February 10, 2021
Myanmar’s military takes power detains Suu Kyi
ASEAN

Myanmar’s military takes power detains Suu Kyi

February 2, 2021
Top 20 Hottest African Women
Culture

Top 20 Hottest African Women

February 2, 2021
How Africa can benefit from the new commodity super cycle
Asia News

How Africa can benefit from the new commodity super cycle

February 2, 2021
Next Post
Jeff Bezos could become world’s first trillionaire by 2026

Jeff Bezos could become world's first trillionaire by 2026

Translate

Subscription

Popular Post

Young car enthusiasts spend $7.2 billion a year customizing vehicles
Asia News

Young car enthusiasts spend $7.2 billion a year customizing vehicles

February 20, 2021
0

    London (19/2 – 40). With reporting from BPT. For many car owners, their vehicle is an extension of their...

Read more

NGOs call for mass boycott of palm oil giant IOI

June 29, 2016
No peace for Greenpeace

No peace for Greenpeace

July 1, 2016

The Case Against Greenpeace

July 1, 2016
Children in ISIS Nusantara Media Outreach

Children in ISIS Nusantara Media Outreach

July 2, 2016
  • About Us
  • Creative Commons
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Contact Us

Topics

Follow Us

About Us

citizendaily.news is part of the citizen Daily Media Group LLC, which delivers daily news around the globe. ​

© 2012 The Citizen Daily

No Result
View All Result
  • Asia News
    • Northeast Asia
      • China
      • Japan
    • North Korea
    • Oceania
      • Australia
      • New Zealand
    • South Asia
      • Afghanistan
      • Bangladesh
      • India
      • Pakistan
    • Southeast Asia
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
  • World News
    • Africa
    • Europe
      • Germany
      • United Kingdom
    • Latin America
      • Cuba
      • Mexico
    • Middle East
      • Gulf States
      • Iran
      • Iraq
      • Saudi Arabia
      • Syria
    • North America
      • Canada
      • United States
    • Russian Federation
  • Economy
    • Brexit
    • Free Market
  • Politics
    • ASEAN
    • Diplomacy
    • ISIS
    • National Defence & Security
  • Editorial
  • Environment
    • Climate Change
    • Forests
    • Water & Oceans
    • Wildlife & Endangered Species
  • Lifestyle
    • Books & Literature
    • Entertainment
    • Food & Dining
    • Religion
    • Travel
    • Tech
  • Sports

© 2012 The Citizen Daily