If the coronavirus continues to rage on across the planet, the cost to the world’s economy could reach a staggering $4.1 trillion.
According to figures released Friday by the Asian Development Bank, that amount represents nearly 5% of the global gross domestic product.
The pandemic has cut into all sorts of revenue from tourism, consumption, and investment and could even begin causing supply-side disruptions, which would further raise the cost.
The report reveals that inflation could increase the cost of food, but that would ease in 2021. If COIVD-19 is contained in the next six months, the recovery will be quicker, says Yasuyuki Sawada, the ADB’s chief economist.