An Updated Assessment of the Economic Impact of COVID-19
Publication | May 2020
This brief presents new projections on the economic impact of COVID-19 and highlights policy implications.
New analysis using the Global Trade Analysis Project model estimates that the global economic impact of COVID-19 could reach $5.8 trillion (6.4% of global GDP) under a 3-month containment scenario, and $8.8 trillion (9.7% of global GDP) under a 6-month containment scenario. It also updates estimates for Asia and the Pacific.
The brief highlights that policy interventions could reduce the impact of COVID-19 by 30% under the short containment scenario and by 40% under the long containment scenario. It notes that strong income and employment protection are crucial.