Cost of Corona Virus to the World Economy is Expected to Exceed 330 Billion Dollars

Cost of Corona Virus to the World Economy is Expected to Exceed 330 Billion Dollars

The Asian Development Bank expects Covid-19 to reach the world economy by 76.6 billion dollars, 155.9 billion dollars in 3 months, and 346.9 billion dollars in 6 months, according to the best scenario expected to last 2 months. According to the Asian Development Bank's report on the impact of Covid-19 on the global economy, the bank has identified three different scenarios regarding the cost of the epidemic on the world economy, depending on the time it expires. When the start of the report published on March 6, 2020, is accepted, the cost of the epidemic is expected to increase to 76.6 billion dollars in the world economy, 155.9 billion dollars in 3 months, and 346.9 billion dollars in 6 months, according to the scenario. According to the best scenario, global GDP is estimated to lose $ 76.6 billion, down 0.08 percent. China's GDP is expected to lose $ 43.9 billion, down 0.32 percent. According to the moderate scenario, global GDP is expected to suffer a loss of $ 155.9 billion with shrinkage of 0.18 percent, and China with shrinkage of $ 0.75 billion with a shrink of 0.75 percent. According to the worst-case scenario, global GDP is expected to lose $ 346.9 billion, down by 0.40 percent. It is estimated that China will lose $ 236.79 billion with shrinkage of 1.74 percent.

TOURISM LOSS IN ASIA REACHED 45 BILLION DOLLARS

According to the report, many of the developing countries that are members of the Asian Development Bank due to the epidemic are expected to experience a serious drop in tourism demand. In this report, which draws attention to the decrease in tourism revenues for China, it was stated that this loss may correspond to 3 percent of China's GDP according to the best scenario and 9 percent according to the worst scenario. Other economies such as Cambodia, Maldives, and Thailand, which are among the important positions of the tourism sector, are expected to have a significant decrease in tourism revenues due to the epidemic.