Asian Development Bank Points Covid-19 Could Trim Down Global GDP by 0.1% – 0.4%

The Asian Development Bank (ADB) released a data regarding to the economic impact of the Covid-19 outbreak on developing Asia, which showed that the ongoing virus spreading has already affected China and other developing Asian economies through various pathway such as sharp declines in domestic demand consumption, lower tourism and related business, trade and production linkages, supply disruptions, and health effects.

The outbreak could cut the global GDP by 0.1% – 0.4% with the financial loss of  $77 billion to $347 billion.  

ADB pointed out that the countries that will be significantly crashed are those with strong trade and production linkages with China. And also stated that Thailand is likely to have a significant decline in tourism revenue as this is one of the country reliant sectors.