An Updated Assessment of the Economic Impact of COVID-19
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.
Also in this Series
- Forging Economic Resilience in the People’s Republic of China Through Value Chain Upgrading and Economic Rebalancing
- Financing Long-Term Care in Asia and the Pacific
- Surface Water Resources Assessment of the Tonle Sap and Mekong Delta River Basin Groups: Improving Climate Resilience, Productivity, and Sustainability