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Financial News: ADB Says COVID-19 To Reduce Global Growth By

ADB Says COVID-19 To Reduce Global Growth By 0.1%-0.4%

03/05/2020 - 23:10:00 (RTTNews)

(RTTNews) - The coronavirus outbreak will cut global growth by 0.1 percent to 0.4 percent and it will have a significant impact on developing Asian economies through weak domestic demand, tourism, trade and production linkages and supply disruptions, the Asian Development Bank said Friday.

According to ADB analysis, the global impact will be in the range of $77 billion to $347 billion, or 0.1 percent to 0.4 percent of global gross domestic product.

"There are many uncertainties about COVID-19, including its economic impact," ADB Chief Economist Yasuyuki Sawada, said.

"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," the economist added.

In the worst case scenario, the coronavirus outbreak will cut China's growth by 1.7 percent and in the best case by only 0.3 percent.

At the same time, Developing Asia, excluding China's growth will be reduced by 0.5 percent in the worst case scenario and by 0.2 percent in the best case.

In response to COVID-19, ADB announced $2 million on February 7 and another $2 million on February 26 to support all its developing members.

ADB also provided a CNY130 million private sector loan to Wuhan, PRC-based pharmaceutical distributor Jointown Pharmaceutical Group Co. Ltd. to support the continued supply of essential medicines and personal protective equipment.

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